Junior minerals explorer Lachlan Star (ASX: LSA) has been approached by Carlton Resources Plc in respect to its 27.5% shareholding in Luiri Gold (ASX: LGM).
Carlton and Lachlan are currently negotiating a lock up agreement, designed to facilitate Carlton making a takeover bid for Luiri by securing a commitment to sell from the largest shareholder.
The offer price is A$0.20 per share, with Luiri last trading at A$0.17.
Luiri has appointed Euroz Securities to advise in respect of the proposed takeover offer, and to assist the directors to evaluate and respond to the approach from Carlton.
Carlton is a United Kingdom based investment company, with a strategy to acquire minority or controlling interests in privately held or publicly-listed resource projects, with a focus on Africa.
Carlton is 28% owned by Nyota Minerals (ASX: NYO, LON: NYO).