Fenix Resources Limited ( (AU:FEX) ) has shared an announcement.
Fenix Resources Limited, a company involved in the mining sector, has been engaged in an off-market takeover offer to acquire all ordinary shares of CZR Resources Ltd. However, CZR’s board has now unanimously recommended that shareholders reject this offer in favor of a superior proposal from the Robe River Joint Venture (RRJV), which includes a cash consideration of A$75 million for CZR’s Robe Mesa Iron Ore Project. This decision is based on the RRJV Transaction’s favorable terms, including a significant cash premium over the Fenix offer and the strategic advantage of retaining other valuable projects. The RRJV Transaction is subject to shareholder approval, with CZR’s largest shareholder, Mark Creasy, indicating support for the proposal.
More about Fenix Resources Limited
YTD Price Performance: -1.33%
Average Trading Volume: 3,066
Technical Sentiment Signal: Hold
Current Market Cap: €114M
Learn more about FEX stock on TipRanks’ Stock Analysis page.