PanAust Limited (ASX:PNA)
says it has not received an acceptable takeover offer from its largest shareholder Guangdong Rising Assets Management.
An initial non-binding and incomplete proposal of $2.20 per share was raised to $2.30 per share with the Board of PanAust rejecting that offer as too low.
Due diligence was offered to GRAM and any other interested parties, however no formal takeover offer has been made. The mining explorer says it will continue to keep the market informed of any further developments.
In its June Quarter review, PanAust also said it expects copper and gold production to be at the upper end of guidance ranges. And an agreed 80 per cent acquisition of the Freida River project in PNG remains subject to the merger between Glencore and Xstrata.
PanAust reported a net profit of $49 million for the year ended December 31, 2013.