Minorco take-over request rejected
NZPA-Reuter London Minerals and Resources Corporation (Minorco), said the U.K. Takeover Panel had rejected its request for a timetable extension in its hostile (SNZB.B billion) bid for Consolidated Gold Fields, Pic. Agreement of both parties is needed for the extension of a contested offer, and a Minorco statement said the diversified British mining group, Consolidated Gold, had not consented. Minorco sought the extension to allow more time to resolve civil action brought by Consolidated Gold and its 49 per cent-owned associate, Newmont Mining Corporation, in New York. This gave Consolidated Gold an injunction which bars Minorco from buying Consolidated Gold shares. The second closing date for Minorco’s offer is April 8, but it has until April 12 to issue a higher offer. The final closing date of Minorco’s offer is April 26. Consolidated Gold is expected soon to issue a further defence document regarding the offer.
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Press, 5 April 1989, Page 38
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150Minorco take-over request rejected Press, 5 April 1989, Page 38
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