Extract to receive offer by March

Company News

Taurus Minerals Limited has received acceptances under its offer for Extract Resources Limited’s (ASX:EXT, TSX:EXT, NSX:EXT) major shareholder, Kalahari Minerals, of 89.5 per cent.

It must now proceed with its takeover offer of Extract Resources for $8.65 per share by the start of next month.

In a statement Extract says its independent directors are investigating whether there are any available alternatives to maximise value for shareholders.

Extract Resources reported a net loss of $55 million in the 2011 financial year.