Consolidated Minerals (CSM) announced today that Palmary enterprises has extended its offer for the manganese miner by yet another week after a 14-month long takeover battle.
Palmary's offer was due to expire on Tuesday night, January 1, but will now close on January 8.
A second announcement was released which revealed that Palmary has also increased its relevant interest in ConsMin to 89.87%, up from 88.86% on Monday.
Palmary has said it would decide whether to proceed to compulsory acquisition of the remainder of ConsMin's shares after its offer period expires.
Last month, Palmary increased its takeover offer from $4.70 cash for every ConsMin share to $5.00 cash, valuing the company at $1.15 billion.
The directors of the manganese miner stated their intention to unanimously accept Palmary's offer by selling 100 per cent of their shareholdings to Palmary.
"Each of the CSM Directors will now initiate their acceptance of Palmary's offer in respect of 100 per cent of their current holdings in CSM shares, in the absence of a superior proposal," ConsMin said in a statement.
Two weeks ago, managing Director if ConsMin Rodney Baxter sold his 500,000 shares in the company for $2.5 million.
By 12:20PM AEST, shares in ConsMin were up by 1 cent at $5.01.
