PanAust Limited (ASX:PNA)
says it received an unconditional, off-market takeover offer from Guangdong Rising Assets Management over the weekend.
GRAM currently holds 22.5 per cent of PanAust and came in at an all cash price of $1.71 per share.
PanAust is last closed at $1.225 on Friday and says the offer was unsolicited and made at a time when both the PanAust share price and spot prices for gold and copper were trading at near 5 year lows.
GRAM offered $2.30 per share for PanAust last April with the offer rejected as too low. No formal takeover offer or proposal was then pursued.
PanAust says it will consider the current offer and get back to shareholders in due course.
PanAust made a net loss of $270 million for the 2014 calendar year.