The independent directors at Aussie listed Lemur Resources (ASX:LMR) have recommended shareholders accept Bushveld Minerals (LON:BMN) offer to mop up the outstanding shares in the Madagascar coal group, the AIM firm reported today.
It already owns a 63.6% of Lemur and in May submitted the offer for six Aussie cents for each share, which values Lemur overall at AS$10.9mln (£5.6mln).
Bushveld took over Lemur in 2013 after a protracted takeover battle.
Bushveld shares were unchanged on Friday at 3.875p.