(MENAFN- ProactiveInvestors - Australia) Â Discovery Metals (ASX:DMK) could to see a further change of control offer, following its canvassing of bids in May the company disclosed today.
The company's largest shareholder, Cathay Fortune Corporation (CFC) which owns 13.7% of Discovery Metals declined to participate in an earlier equity raising, preferring that the company be sold via a competitive process in which it would participate.
At the same time and subsequently, the company received interest in a range of corporate transactions from other parties.
The process was expected to take approximately 4 weeks from May, with a closing date for receipt of binding proposals of no later than 10 June 2013.
Subsequent to its announcement that it believed the company should be sold, CFC has sent a new proposal which may result in a new takeover offer.
The price range proposed by CFC is $0.35-$0.40 per share. Current Discovery Metals share price is $0.17.
In subsequent correspondence, CFC has confirmed that, if it does make an offer, the offer will not be less than $0.35 per share.
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