Golden Investments fails to win bid for Stanmore Coal

Company News

by Anna Napoli

Golden Investments says it holds 25.5 percent of the Stanmore Coal (ASX:SMR) , despite the failure of a $240 million takeover bid.

Following the closure of its bid on Tuesday Golden Investments says that it will seek a board position at the coal company as its biggest shareholder.

Golden declared its offer for Stanmore to be "best and final". As a result, from the time the offered expired on Tuesday, Golden is prevented from acquiring any more shares for six months.

Stanmore had previously labelled the $0.95 cents per share offer as clearly inadequate against a range of comparisons.

Shares in Stanmore Coal (ASX:SMR) closed 0.53 per cent higher at 96 cents yesterday

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.