Canyon Resources Urges Shareholders to Reject A2MP Investments' Takeover Bid

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Canyon Resources' (ASX:CAY) independent board committee recommended that its shareholders reject A2MP Investments' unsolicited takeover bid after an independent expert determined that the offer is neither fair nor reasonable to Canyon shareholders, according to a Tuesday filing with the Australian bourse.

A2MP Investments sought to acquire all of the shares it does not already own in Canyon for AU$0.05 each, subject to conditions. It currently holds a roughly 55.6% stake in Canyon.

The board committee said that the offer materially undervalues Canyon, is at a substantial discount to Canyon's recent trading prices, and is unfair to minority shareholders given A2MP's existing controlling shareholding. The firm said that A2MP's claims regarding the Minim Martap project are unsubstantiated.

Its shares rose 2% in recent trading on Monday.

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It currently holds a roughly 55.6% stake in Canyon.</p><p>The board committee said that the offer materially undervalues Canyon, is at a substantial discount to Canyon's recent trading prices, and is unfair to minority shareholders given A2MP's existing controlling shareholding. The firm said that A2MP's claims regarding the Minim Martap project are unsubstantiated.</p><p>Its shares rose 2% in recent trading on Monday.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7104","symbol_name":"黄金","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2663022996","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2663022996","pubTimestamp":1788155375,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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