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Crocodile Gold Says Luxor Affiliate Makes Offer

Crocodile Gold (CRK.T0), which owns and operates mines in the northern territory of Australia, said an affiliate of Luxor Capital Group has offered to buy a majority stake in the Canadian miner for about $121 million, the Globe and Mail reported.

Crocodile Gold reportedly said the offer was not a permitted bid under a shareholder's rights plan, which was adopted after it received an unsolicited bid on Dec 14.

New York-based private equity firm Luxor Capital Group offered to buy up to 215.4 million shares, or about 69%, of Crocodile Gold at 56 cents per share.

Crocodile Gold has asked its shareholders to await the board's decision on the offer, the Globe and Mail said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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