Stanmore Coal
(ASX:SMR) has urged shareholders not to take action in response to the unsolicited takeover bid the company received from Golden Investments.
Stanmore Coal says the offer is in a fact a 6.4 per cent premium to its 5-day volume weighted average trading price rather than the 14.5 per cent premium asserted by Golden Investments.
Golden Investments yesterday announced a $0.95 cash per share off-market takeover offer for the coal miner.
The Stanmore Board says it will evaluate the offer and provide shareholders a recommendation in due course.
Shares in Stanmore Coal
(ASX:SMR) closed 18.68 per cent higher to $0.98 yesterday