Carabella Resources Limited (ASX:CLR) has backed a revised takeover bid from China Kingho Energy Group's subsidiary, Wealth Mining.
The Queensland focused coal mining company scored a $60 million unsolicited bid from Wealth earlier this month comprising of $0.42 per share.
The Chinese coal miner already has an 11.06 per cent stake in Carabella and has since sweetened its bid to $0.455 per share.
The Board of Carabella have unanimously recommended shareholders accept the revised offer, in the absence of a superior proposal.
Both companies have entered into a bid implementation agreement and Carabella expects to issue its target’s statement by the end of next week.
Carabella Resources reported a net loss of $8 million in the 2013 financial year.
