Mineral exploration company Indophil Resources (ASX:IRN) has received a $585 million takeover offer from China’s Zinjin Mining Group.
Indophil’s board has unanimously recommended the $1.28 per share offer, which represents an 18% premium on the company’s most recent trading price prior to its lodgement.
Under the proposal, the transaction will be implemented through an off-market takeover.
But the merger requires the approval of at least 90% of shareholders, as well as the relevant regulatory bodies.
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