Astral Resources NL says its takeover offer for Maximus Resources Ltd is now best and final, and there will be no increase in consideration.
The unconditional offer, providing one Astral share for every two Maximus shares, will close at 7pm (AEDT) on March 21 unless extended.
Key things to note
Offer remains unchanged: Astral has confirmed there will be no increase in the offer consideration.
Accelerated payment terms: Validly accepting Maximus shareholders will receive their Astral shares within 10 business days of their acceptance being processed.
Astral secures majority control: As of March 14, Astral holds an 81.67% voting power in Maximus, crossing the 80% threshold that may provide rollover tax relief for Maximus shareholders.
Implications for Maximus shareholders
Maximus shareholders who do not accept the offer before the closing date will not receive the consideration unless Astral proceeds to compulsory acquisition.
If Astral does not acquire over 90% of Maximus, and the company remains listed on the ASX, shareholders who retain their holdings may experience reduced liquidity and valuation risk.
Depending on acceptances, Maximus may also apply for ASX delisting, potentially making it more challenging for remaining shareholders to trade their shares.
Acceptance process
Shareholders wishing to accept the offer can do so online via Automic or by completing and returning their personalised acceptance form.
CHESS holders must instruct their broker to accept the offer on their behalf before the closing date.