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Zenith Minerals Says Ida Metal Investments Lifts Stake, Signals No Acceptance of Forrestania Offer

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Zenith Minerals (ASX:ZNC) said Ida Metal Investments has increased its stake in the company to around 10.1% after acquiring 4 million shares on-market, while indicating it does not currently intend to accept Forrestania Resources' (ASX:FRS) takeover offer of one Forrestania share for every 4.3 Zenith shares, according to a Thursday filing with the Australian bourse.

The company noted that Ida's holding alone would not prevent the takeover offer from becoming unconditional, with the bid subject to a 50.1% minimum acceptance condition, the filing said.

The company's board reiterated its unanimous recommendation that shareholders accept Forrestania's offer, in the absence of a superior proposal, the filing added.

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