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Canyon Resources Says Largest Shareholder Lodges All-Cash Off-Market Takeover Bid; Shares Reach Two-Year Low

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Canyon Resources (ASX:CAY) said that A2MP Investments FZCO lodged an off-market takeover bid for all the ordinary shares in Canyon for AU$0.05 per share in cash that it does not already own or control, according to a Wednesday Australian bourse filing.

A bidder's statement was lodged with the Australian Securities and Investments Commission (ASIC) on Wednesday. A2MP Investments is owned by Eagle Eye Asset Holdings and FEDA Mining Investments. It is the largest shareholder in Canyon, holding a 55.56% stake in the firm together with its associates.

The offer implies an equity value for Canyon of AU$103 million and an enterprise value of around AU$188 million.

The offer is subject to a 75% minimum acceptance condition and a customary "no prescribed occurrences" condition.

Its shares declined 19% in recent trading on Wednesday, reaching the lowest point in over two years.

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