Ramelius fails in Dioro bid

Ramelius Resources now holds 37.51% of Dioro Exploration, after its takeover bid closed earlier this week.

Ramelius Resources’ offer for Dioro Exploration has now closed, with the company only fractionally increasing its holdings up to 37.51% in the final days of the bid.

Dioro has been the target of an exhausting takeover war between Ramelius and gold miner Avoca Resources.

Ramelius’ offer was extended several times after it originally opened in July last year and held a 37.01% stake during January.

The company now holds a total of 34,352,544 ordinary shares.

“The final result represents a 68% take-up of the Ramelius offer by the remaining Dioro shareholders after Avoca Resources first takeover bid closed on 19 August 2009 with a then 44.85% holding,” the company said in a statement.

“This is despite the Dioro Board not recommending the Ramelius offer to its shareholders.”

Avoca opened a second offer on 28 January to acquire the remaining 5.16% it needs for majority holding.

This bid is due to close on 2 March and the company confirmed it would not be extending it past then.

The Dioro directors recommended that Dioro shareholders accept the Avoca offer on 3 February.

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