Magma Metals Ltd. (MMW.TO,MMW.AX) noted that Panoramic Resources Ltd. (PAN.AX) has announced its intention to make a conditional offer to acquire all of the Magma shares it does not currently own.
Magma stated that the proposed offer consideration is 2 Panoramic shares for every 17 Magma shares held, which according to Panoramic's announcement implies a value of A$14.94 cents per Magma share based on closing share prices on the ASX on February 2, 2012.
According to Magma, the timing of the offer, which is unsolicited, appears to its directors to be highly opportunistic and the directors advise shareholders to take no action in response to the offer at this time, subject to their own financial advice and circumstances. Also, once Panoramic's Bidder's Statement has been received and analysed, the directors will provide further advice to shareholders, Magma said.
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