Noble: Co has launched an unconditional counteroffer for Territory Resources for A$0.50 per share over Exarro’s A$0.46. Offer was widely expected with Territory’s share price trading over Exarro’s offer price before Noble’s bid was announced. Noble has an effective interest of 32.01% currently but will seek to retain Territory’s listing if offer is successful…
Territory Resources’ assets are located in Northern Territory of Australia and its principal project is a hematite iron ore mine 200 km south of Darwin. At last traded A$0.47, co is valued at A$124.3m approx 2.2x P/B and 3.3x P/E.
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