Bathurst bumps up bid for Eastern
As flagged in Street Talk yesterday, Galilee Energy’s non-executive directors have received a revised unconditional cash bid of about $35 million from Bathurst Resources for the group’s coal assets.
As flagged in Street Talk yesterday, Galilee Energy ’s non-executive directors have received a revised unconditional cash bid of about $35 million from Bathurst Resources for Galilee’s looming Kiwi coal spin-off Eastern Resources. Bathurst is understood to have made the all-cash offer for Eastern in the hope of combining Eastern’s assets with its own nearby NZ holdings.
The company’s $30 million takeover bid for Eastern was rejected by Galilee late last month and Bathurst had expressed its frustration over why Galilee would reject the offer, and why the spin-off isn’t subject to a shareholder meeting.
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