Crescent Gold Ltd
(ASX:CRE) directors have accepted Focus Minerals Ltd’s
(ASX:FML) $68 million friendly takeover bid for the company.
Focus is offering 1 of its shares for every 1.18 Crescent shares, representing a 30.5 per cent premium based on the closing price on June 17.
Crescent’s directors have accepted the offer and recommended all Crescent shareholders also accept.
If the takeover is successful, Focus says it will be among Australia’s top five gold producers with a production target of 230,000 ounces in 2012.
Focus Minerals increased its interim net profit by 28 per cent to $6.2 million in last six months of 2010.
