06/09/2007
Manganese miner Consolidated Minerals’ suitor, Pallinghurst, has upped its bid 14 per cent to AUS$4.10 (168p) a share in cash.
ConsMins’ directors are now recommending the improved offer from the Pallinghurst consortium, headed by former mining tycoon Bryan Gilbertson. The new terms top the recent bid from Ukrainian billionaire Gennadiy Bogolyubov’s Palmary Enterprises and the shares and cash offer from Territory Resources, the Aussie-quoted vehicle of ex-ConsMins boss Michael Kiernan.
This may well not be the last act in the drama. At 162p, the shares are more than twice Growth Company Investor’s recommendation last October.
Hold on.
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