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Canyon Resources Recommends Shareholders Take No Action on A2MP Investments' Proposal for Now; Shares Hit Multi-Year Low

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Canyon Resources (ASX:CAY) said it is evaluating a response to an off-market takeover proposal from A2MP Investments FZCO and advised shareholders to take no action on the offer for now, according to a Wednesday filing with the Australian bourse.

A2MP Investments lodged a takeover bid for all ordinary shares in Canyon that it doesn't already own at AU$0.05 per share in cash. A2MP is the largest shareholder in Canyon, holding a roughly 55.6% stake in the company.

Canyon Resources shares fell 31% in recent Wednesday trade to hit their lowest point since October 2023.

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