- NORTH AMERICA EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Sandfire Confirms Potential MOD Resources Takeover Offer
Hot on the heels of media speculation, Sandfire Resources has confirmed it is exploring a potential takeover offer for MOD Resources.
Hot on the heels of media speculation, Sandfire Resources (ASX:SFR) has confirmed it is exploring a potential takeover offer for MOD Resources (ASX:MOD,LSE:MOD).
In a statement, Sandfire briefly explained that it is “exploring a potential combination” of the two companies with a proposed bid of AU$0.38 per MOD share.
The company reiterated that there is no guarantee the deal will go through due to the “preliminary, indicative and non-binding nature” of the proposal.
MOD subsequently released a statement highlighting recent successful plans to raise capital of AU$15 million, the majority of which will go towards advancing its T3 copper project in Botswana.
In the statement, the company acknowledges the recent bid from Sandfire, saying MOD’s board feels the proposal “undervalues MOD’s unique and extensive assets.”
“The unsolicited, indicative proposal for 100 percent of the company received from Sandfire confirms the potential of the T3 copper project, however the board considers it significantly undervalues the assets of the company,” MOD Managing Director Julian Hanna said in the statement.
Although Sandfire is a Goliath compared to MOD with a $1.19-billion market cap — a stark contrast to MOD’s $50.93-million market cap — the latter seems to be standing tall behind its assets. According to the Australian Financial Review, sources have said MOD would be open to discussing the bid with Sandfire if the two could come to an agreement on pricing.
MOD’s pride and joy at the moment is its previously mentioned T3 copper project, which has an indicated resource of 36.6 million tonnes (Mt) at 1.14 percent copper and 16 grams per tonne (g/t) gold and an inferred resource of 23.5 Mt at 0.74 percent copper and 11 g/t gold.
The company is working to release a feasibility study for the asset during 2019’s first quarter.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
The Beginner’s Guide to Investing in Gold (Australia Edition)
Ready to invest in gold? Our beginner's guide makes it simple to get started.
Download your investing guide today.
Learn About Exciting Investing Opportunities in the Gold Sector
Your Newsletter Preferences
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
A graduate of Durham College's broadcast journalism program, Olivia has a passion for all things newsworthy. She got her start writing about esports (competitive video games), where she specialized in professional Call of Duty coverage. Since then, Olivia has transitioned into business writing for INN where her beats have included Australian mining and base metals.
Learn about our editorial policies.