Tribune Resources Ltd (ASX:TBR) has rejected Northern Star Ltd’s (ASX:NST) $112.5 million offer for its 36.75% interest in the East Kundana Joint Venture (EKJV) in Western Australia.
Northern Star made legally binding offers on 13 November 2018 to acquire the 49% stake in the EKJV it does not already own.
Rand Mining owns the other 12.25% interest in the EKJV.
Tribune’s board concluded that Northern Star’s offer significantly undervalues Tribune's interest in the EKJV.
Northern Star believes its cash offer is a fair and sensible pathway for Tribune and Rand shareholders to unlock the value of their company’s interests in the EKJV.