Bushveld Makes a AU$10 Million Offer for Lemur Resources

Mining Weekly reported that Bushveld Minerals (LSE:BMN) has made an off-market takeover bid for Lemur Resources (ASX:LMR) for AU$0.06 per share for a total value of AU$10.87 million.

As quoted in the market news:

South Africa-focused Bushveld Minerals is offering Lemur shareholders 6c in cash for every share held. The offer represents a 3.45 percent premium to Lemur’s closing price on May 19, and a 7.52 percent premium to the company’s 30-day volume-weighted average price. Bushveld said on Thursday that certain Lemur shareholders, which jointly control about a 10 percent interest in the company, have already agreed to accept the offer within ten business days of the start of the offer period, and in the absence of a superior offer.

Lemur, through its subsidiary Coal Mining Madagascar, holds 11 concession blocks in south-west Madagascar, covering the Imaloto coal basin. The company was also in the process of acquiring two additional blocks contiguous to its existing holdings. Bushveld Minerals holds a number of vanadium- and titanium-bearing magnetite and tin assets in Southern Africa, including the Bushveld vanadium project, and the Mokopane tin project, in Limpopo.

Click here to read the full Mining Weekly report.