Kangaroo Resources announces FIRB, CBA approval for proposed takeover by PT Bayan Resources

Company News

by Anna Napoli

Coal company, Kangaroo Resources (ASX:KRL) has today announced that FIRB has confirmed that the Commonwealth Bank has no objection to the acquisition of Kangaroo by PT Bayan Resources.

In August Kangaroo announced a binding Scheme Implementation Deed with its majority shareholder PT Bayan Resources

Under the agreement, PT Bayan will acquire all remaining shares in the company at a price of 15 cents per share.

The offer has received the unanimous recommendation of Kangaroo Resources board.

Shares in Kangaroo Resources (ASX:KRL) last traded at 11 cents on Thursday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.