Noble: Update on Exxaro’s A$123m offer for Aus-listed Territory Resources. Noble upped its stake in Territory from 29% to 30.1% on 23 May when the takeover was announced and the substantial sh/h declaration was filed on 6 June. This sparked news of a possible counteroffer by Noble for Territory…
Noble is not only the biggest sh/h but is also owed $33.5m by Territory. Exxaro’s offer of $0.46 per share for Territory Resources was recommended by 5 of 6 Territory directors and was a 64% premium on 23 May price of A$0.28…
It has secured acceptance of a 11.2% stake from Territory’s 2nd biggest investor DCM DECOmetal and the offer is conditional on acceptances of at least 60%. Territory is now trading at A$0.47 above the offer price indicating a pricing in of a counteroffer.
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