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(Alliance News) - MC Mining Ltd said on Thursday it is "extremely disappointed" after Goldway Capital Investment Ltd extended the date for its offer to MC Mining's shareholders.
Earlier in the day, Goldway said the Australian Securities and Investments Commission had extended the close of the offer from Friday to April 19.
In its reaction, MC Mining said the extension appears to be an "opportunistic" move by Goldway, just 24 hours prior to the intended closing date of the offer.
The offer was due to close on Friday. Goldway first launched its takeover bid for MC Mining in February.
MC Mining said it was "extremely disappointed" in Goldway's failure to honour the "best and final" statements that it had previously made to its shareholders.
It said it was eager for the takeover process to be finalised so that the progression of opportunities to secure funding can be resumed to maximise the value of the group for all shareholders.
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.
In Sydney, MC Mining shares fell 3.2% to AUD0.15 on Thursday. Shares also rose 4.7% to 7.96 pence on Thursday in London, but they jumped 3.8% to ZAR1.91 each in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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