UPDATE: Magma Metals Board Recommends Rejection of Panoramic Offer; Shares Slip 3%
Magma Metals Limited (MMW.TO) today released its Target's Statement in response to the unsolicited takeover offer by Panoramic Resources Limited.
The company said its Directors unanimously recommend that Magma shareholders reject the Panoramic offer. As previously advised, the independent expert has concluded that the offer is not fair and not reasonable and well below its preferred value of A$0.37 per Magma share.
MMW slipped almost 3% to 17 cents in early trade with more than 1,000 shares changing hands.
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