Metallica Minerals Limited (AU:MLM) has released an update.
Metallica Minerals Limited has urged its shareholders to reject the unsolicited takeover bid by Diatreme Resources, citing the offer as significantly undervaluing the company’s shares. The board’s unanimous recommendation, backed by an Independent Expert’s Report, asserts that the offer is neither fair nor reasonable. Metallica has released a Target’s Statement to its shareholders, outlining the reasons for the board’s recommendation and advising shareholders to take no action.
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