The takeover offer for Musgrave Minerals Ltd (ASX:MGV, OTC:MGVMF) has been declared unconditional and free of all defeating conditions with Ramelius Resources taking its relevant interest in the gold explorer to 47.36%.
Ramelius says the offer, which is open until 7.00pm (Sydney time) on Friday, September 15, 2023, is its best and final offer and will not be increased unless there is a competing proposal.
Given its current relevant interest in Musgrave, Ramelius believes it is unlikely that a superior proposal will eventuate.
READ: Ramelius Resources values Musgrave Minerals at $201 million in recommended takeover offer
Musgrave's directors have unanimously recommended that shareholders accept the Ramelius offer in the absence of a superior proposal and have already accepted into the offer.
Ramelius dividend
An incentive for remaining Musgrave shareholders to accept the offer is that those who accept by the record date of September 15, 2023, will be eligible to receive a fully franked dividend of 2.0 cents per Ramelius share held.
Ramelius has made an off-market offer to acquire all of the Musgrave ordinary shares at a rate of 1 Ramelius share for every 4.21 Musgrave shares plus $0.04 cash per Musgrave share in accordance with a bidder’s statement dated July 11, 2023, and supplementary bidder’s statement dated August 11, 2023.
READ: Ramelius Resources extends Musgrave Minerals takeover offer
The offer consideration from Ramelius will be accelerated so that it is provided within 10 business days.
Musgrave shareholders who have already validly accepted the offer will be provided with their consideration within 10 business days and those who have yet to accept the offer will also be provided with their consideration within 10 business days of acceptance.