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Far East Gold Recommends Shareholders Reject Off-Market Takeover Bid From Xingye Gold; Shares Up 7%

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Far East Gold (ASX:FEG) recommended that shareholders reject the unsolicited off-market takeover offer from Xingye Gold (Hong Kong) Mining Co of AU$0.13 cash per share, according to a Friday filing with the Australian bourse.

The independent expert assessed the value of all of the company's shares at AU$0.324 to AU$0.444 apiece, with a mid-point of AU$0.385 on a 100% controlling interest basis, and concluded that the offer is "neither fair nor reasonable," the filing said.

Far East Gold shares rose nearly 7% in afternoon trade Friday.

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