Bushveld Minerals (LON:BMN) has an made an offer to mop up the outstanding shares in Madagascar coal group Lemur Resources.
The vanadium explorer owns a 63.6% of Lemur already and said it had received indications that 10% of its shareholders would accept the offer.
Bushveld took over Lemur in 2013 after a protracted takeover battle that saw it emerge with a 54.39% stake.
That holding has been boosted subsequently by Australia-listed Lemur using its cash pile for a share buy-back programme.
Bushveld‘s offer is six Aussie cents for each share, which values Lemur overall at AS$10.9mln (£5.6mln).
Separately, Bushveld has raised £2.6mln through a convertible loan with 5.2% shareholder Riveridge. If converted (at 8p) that holding would rise to 9.9%.
Bushveld shares were trading today at 4.14p today.