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Larvotto Resources Decides to Not Match Competing Buyout Proposal by Austral Resources for Hammer Metals; Shares Up 6%

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Larvotto Resources (ASX:LRV) decided not to submit a counterproposal to match a competing buyout proposal made by Austral Resources (ASX:AR1) for Hammer Metals (ASX:HMX), opting not to exercise its rights under their scheme implementation deed dated June 11, according to a Monday filing with the Australian bourse.

The board concluded that the terms required to match the proposal would not meet the value and return thresholds set for growth opportunities in the company's strategic plan, the filing said.

Termination of the scheme implementation deed will result in the break fee of about AU$550,000 payable to the company as well as repayment of the outstanding amount of the loan provided by the company to Hammer, per the filing.

Larvotto Resources shares rose 6% in morning trade Monday, while Austral Resources shares fell 1%.

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