Carabella confirms takeover offer
Wealth Mining, a subsidiary of China Kingho Energy Group, has put forward a bid for coal explorer Carabella Resources after taking a strategic 11 per cent stake.
Wealth Mining Pty Ltd, a subsidiary of China Kingho Energy Group, has put forward a bid for coal explorer Carabella Resources after taking a strategic 11 per cent stake.
In a statement on Thursday, Wealth Mining said it would pay 42¢ a share for Carabella Resources, valuing the company’s equity at $66 million. The offer was pitched at a 110 per cent premium to Carabella’s last close and an 81 per cent premium to the three-month volume weighted average price.
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