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Toho takeover of CBH Resources progressing well
Wednesday July 7, 2010
Toho Zinc’s bid to takeover CBH Resources has progressed with the offer now free of all defeating conditions.
CBH, which owns the Endeavor Mine near Cobar, advised shareholders last week that the share offer has now met a number of conditions.
Toho has already acquired a large number of CBH shares with most shareholders agreeing to the takeover bid.
“The largest outstanding CBH shareholder that has not yet accepted the share offer or participated in the institutional acceptance facility has advised Toho Zinc that it intends to accept the unconditional share offer for all CBH shares that it currently holds,” the company said in a press release last week.
As of last Thursday, Toho had secured 71.25 per cent of CBH shares, meaning the offer was now unconditional.
CBH shareholders are expected to be paid the offer price in the coming days.
“If Toho acquires 90 per cent of CBH, it intends to compulsorily acquire all of the remaining CBH shares,” the company press release said.
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