ACG Metals Ltd (LSE:ACG, OTC:ACGAF) has formally confirmed it will not make an offer for Anglo Asian Mining after completing a detailed review of the company’s assets. Management said the decision reflects ACG’s disciplined approach to capital allocation and its priority of protecting shareholder value.
The announcement triggers Rule 2.8 of the Takeover Code, which restricts ACG from making another approach unless certain conditions arise, including Anglo Asian backing a proposal, a third party making an offer or a material change in circumstances.