Materials company PanAust Limited (ASX:PNA)
has written to shareholders advising they accept the increased takeover offer from Guangdong Rising Assets Management.
GRAM upped its offer price to an all cash $1.85 per share valuing PanAust at around $1.2 billion.
It’s been a long courtship between the two companies. PanAust rejected a bid of $2.30 per share last year only to see its share price languish to around $1.10 per share.
The Chinese resources group then offered $1.71 per share earlier this year which PanAust described as inadequate.
GRAM currently owns nearly 25 per cent of PanAust and has declared this latest offer as final.
PanAust swung to a net loss of $270 million for the first six months of the 2015 financial year.