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(Alliance News) - Goldway Capital Investment Ltd said on Thursday it has been allowed to extend the date by two weeks for its offer to shareholders of MC Mining Ltd.
Goldway, a consortium including MC Mining's largest shareholders Senosi Group Investment Holdings and Dendocept, has offered 16 Australian cents per share, or approximately 8.28 pence. Goldway first launched its takeover bid for MC Mining in February.
On Thursday, Goldway said the Australian Securities and Investments Commission had extended the close of the offer from Friday to April 19.
In Sydney, MC Mining shares fell 3.2% to AUD0.15 on Thursday. Shares also declined 4.2% to 7.28 pence on Thursday in London, but they rose 3.8% to ZAR1.91 each in Johannesburg.
MC Mining on Wednesday reiterated that its shareholders should reject the Goldway offer, saying it undervalues it. "The IBC confirms and reiterates its unanimous recommendation that Shareholders DO NOT ACCEPT the offer," it said, referring to its independent board committee.
Goldway said on Thursday it sought the further extension to allow sufficient time to allow MC Mining shareholders, who have not yet accepted the offer, the opportunity to do so.
By Artwell Dlamini, Alliance News reporter
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