Kagara extends takeover bid

Company News

Metals miner Kagara Ltd (ASX:KZL) has extended its $14.3 million cash takeover bid for Copper Strike from January 31 to February 28.

The takeover bid, launched in October last year, has been rejected by Copper Strike’s board, who deems the 11 cent-a-share offer as being too low.

Copper Strike’s shares closed at 13 cents on Friday.

For the year ended 30 June 2010, Kagara reported a net profit of $3.7 million.