Ramelius Withdraws Takeover Bid Following Court Approval of Spartan Scheme

Gascoyne Resources Limited ( (AU:SPR) ) just unveiled an announcement.

Ramelius Resources Limited, a company involved in the mining sector, has announced the withdrawal of its conditional off-market takeover bid for Spartan Resources Limited. This decision follows the Supreme Court of Western Australia’s approval of a scheme of arrangement between Spartan and its shareholders, which has now become legally effective. As a result, Spartan shareholders will have their shares acquired under the terms of the scheme, and all contracts arising from the acceptance of the takeover bid are void. This move signifies a strategic shift for Ramelius, as it steps back from the acquisition, allowing the scheme to proceed without its involvement.

The most recent analyst rating on (AU:SPR) stock is a Buy with a A$1.70 price target. To see the full list of analyst forecasts on Gascoyne Resources Limited stock, see the AU:SPR Stock Forecast page.

More about Gascoyne Resources Limited

Average Trading Volume: 5,867,424

Technical Sentiment Signal: Buy

Current Market Cap: A$2.58B

See more data about SPR stock on TipRanks’ Stock Analysis page.