Matsa Resources Limited (ASX: MAT) has acknowledged an unsolicited on-market takeover bid from Patronus Resources Limited (ASX: PNU). Patronus has announced its intention to acquire all of Matsa’s fully paid ordinary shares not already owned by Patronus and its associates.
The Matsa Board is carefully reviewing the offer and will release a target statement with its recommendation to shareholders in the coming weeks. In the meantime, the Board has advised shareholders to take no action at this stage regarding the offer or any documents received from Patronus.
Matsa has assured shareholders that there will be sufficient time to consider the offer once the company releases its formal response. The Board has committed to keeping shareholders fully informed as further developments occur.
Matsa has appointed Thomson Geer as its legal adviser in relation to the offer.
