Copper producer, Sandfire Resources (ASX:SFR) has responded to media speculation regarding a potential takeover offer by the company to the board of MOD Resources.
In an announcement released to the ASX this morning Sandfire has confirmed it has written to MOD to express its interest in exploring a potential combination of the two companies.
Sandfire says any such merger would be subject to satisfactory completion of due diligence, the recommendation of the MOD board and execution of binding documentation.
The company says at this stage there can be no assurance the transaction will eventuate.
Shares in Sandfire Resources (ASX:SFR) closed 6.01 per cent higher at $7.06.