Celsius Resources Ltd (ASX:CLA, AIM:CLA) said it is now unlikely its takeover by Silvercorp Metals will go ahead.
Following feedback from shareholders, Celsius directors decided the deal would not be approved at the proposed price.
Accordingly, Celsius sought to advance discussions with Silvercorp about the price being revised.
Silvercorp has not engaged in these discussions, said the statement.
While Celsius has not yet received formal notice from Silvercorp terminating the proposed transaction, it has said separately that no negotiations are ongoing.
In light of the recent sales of Celsius shares by Silvercorp, Celsius directors believe it does not intend on progressing with the transaction at this time.
Celsius added that Silvercorp’s exclusivity obligations have now expired and it would consider any new approaches.