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Forrestania Resources Gives Zenith Minerals Shareholders Right to Withdraw Deal Acceptance; Shares Down 3%

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Zenith Minerals (ASX:ZNC) shareholders who accepted Forrestania Resources' (ASX:FRS) offer to acquire the company may withdraw their acceptance as Forrestania has extended the offer period to Aug. 31, according to a Monday filing with the Australian bourse.

Forrestania is offering the acceptance withdrawal right after engaging with the Australian Securities and Investments Commission to address concerns that its previous extension notice was invalid.

Earlier in August, the Takeovers Panel issued interim orders that Forrestania must not process any further acceptances received in relation to the off-market takeover bid for Zenith.

Forrestania said it agreed to offer withdrawal rights "without any admission" that its Aug. 10 notice related to the deal was ineffective, or that it contravened the Corporations Act rules, each of which the company denies.

Forrestania Resources' shares fell almost 3% in recent Monday trade.

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