Today the Ukranian-backed Palmary Enterprises raised its bid for mining company Consolidated Minerals (CSM) by 20 cents to $4.70 per share, exceeding a rival offer from Pallinghurst Resources Australia.
Palmary, owned by Ukrainian billionaire Gennadiy Bogolyubov, is ConsMin's largest shareholder with 14 per cent.
Pallinghurst owns about half that, with approximately 7% of ConsMin shares.
Pallinghurst and Palmary have been in stiff competition for the resources group for some time, with both companies previously offering $4.50 per ConsMin share.
The battle has become frantic recently as demand from steelmakers for manganese, of which ConsMin produces 10% of the world's supply, has driven up prices for the metal.
In September, the ConsMin board recommended an earlier offer from Palmary before changing its mind and supporting an improved offer from Pallinghurst.
Then came the competitive $4.50 per share offer from both companies as they jostled for pole position.
Pallinghurst's bid relied on a `top-up' payment, designed to extinguish the difference between the cash component of Pallinghurst's offer and any higher offer by Palmary that might be forthcoming.
Nevertheless, the Pallinghurst bid was rejected on Tuesday with the Takeovers Panel deeming that it gave rise to unacceptable circumstances.
However, Pallinghurst is still allowed to extend or increase its offer.
Palmary was quick to paint its rival in a negative light, saying the decision regarding Pallinghurst was justified as the `top-up' structure was anti-competitive, unfair and uncertain.
"Pallinghurst decided not to announce an increase to its offer yesterday," Palmary said.
"Further, there is no guarantee that Pallinghurst will increase its offer price at any future time."
Palmary also tried to sweeten the deal by reducing the time in which ConsMin shareholders will be paid.
ConsMin shareholders who accept Palmary's offer will now be paid within 15 business days of their acceptance being processed.
"Palmary's $4.70 cash offer is clearly superior to Pallinghurst's offer and represents the highest offer available to CSM shareholders," said President of Palmary, Mr Bogolyubov.
"It is time to accept. CSM shareholders have waited long enough."
Mr Bogolyubov also said that the ConsMin board had "unanimously recommended that CSM shareholders accept" Palmary's offer, in the absence of any superior offer.
"The CSM Board has also unanimously recommended that CSM shareholders do not accept Palinghurst's offer."
Mr Bogolyubov said his company's latest offer represented a 108.9% premium to the last traded price of ConsMin shares on February 22.
He also said that the deal was also a 4.4 per cent premium to the value of the Pallinghurst takeover offer.
Palmary's offer is scheduled to close on November 23.
Shares in Consolidated Minerals rose by 6.45% or 30 cents to close the day at $4.95.
