Forrestania Resources (ASX:FRS) lodged its third supplementary bidder's statement for its takeover of Zenith Minerals (ASX:ZNC), extending the offer to Sept. 21 as the company navigates ongoing Takeovers Panel proceedings, according to an Australian bourse filing on Monday after market hours.
The company currently holds a 58.14% relevant interest in Zenith.
The company said the extension was made in compliance with interim Panel orders requiring it to keep the offer open pending the outcome of the proceedings, while preventing it from processing acceptances or declaring the offer free of defeating conditions, per the filing.
The Panel declared the circumstances surrounding the offer unacceptable on Aug. 27, with the company's application for a review still pending as of Monday and no final orders having been made.
The company also confirmed the completion of its AU$300 million acquisition of the Edna May Gold Project from Ramelius Resources (ASX:RMS) on Sept. 4, comprising the Edna May mill, associated infrastructure and a 945,000 ounce joint ore reserves committee mineral resource.
The company raised AU$310 million at AU$0.40 a share to fund the acquisition, adding gold-processing capacity and strengthening its position around Zenith's Consolidated Dulcie Project.
Based on the company's Sept. 4 closing price of AU$0.42, the one-for-4.3 scrip offer valued each Zenith share at AU$0.0977, a premium to Zenith's AU$0.093 closing price, the filing said.
Zenith shareholders who accepted the offer by Monday may have the right to withdraw their acceptance, with the offer remaining subject to defeating conditions and the outcome of the Takeovers Panel proceedings, the filing added.