Aurum Resources Ltd (ASX:AUE) has declared its off-market takeover offer for all shares and certain options in Mako Gold Ltd (ASX:MKG).
Under the terms of the share offer, Aurum is offering one Aurum share for every 25.1 Mako shares held, extending to Mako shares issued during the offer period following the conversion of Mako convertible securities. The option offers include one Aurum share for every 248 Mako January 2025 options and one Aurum share for every 170 Mako June 2025 options.
The offer, initiated on October 30, 2024, has received strong support, with Aurum securing a 39.86% relevant interest in Mako. Mako’s directors have unanimously endorsed the offer, recommending shareholders and option holders accept in the absence of a superior proposal. The directors have already accepted the offer for their own holdings.
Aurum has set a closing date for the offer at 7.00 pm (Sydney time) on December 4, 2024. The company urged remaining Mako shareholders and option holders to act promptly, noting the strategic benefits of the deal.
Unconditional offer
By declaring the offer unconditional, Aurum has removed any potential impediments to completing the transaction, solidifying its commitment to acquiring full control of Mako. Shareholders are encouraged to accept the offer to benefit from the proposed synergies and strategic alignment between the companies.
The takeover marks a significant milestone in Aurum's growth strategy, enhancing its portfolio and market presence.