Take no action, Dioro

Dioro Exploration managing director Rhod Grivas has reiterated his stance that the company's shareholders take no action over Avoca Resources' takeover bid.

Dioro Exploration managing director Rhod Grivas has reiterated in a statement to the Australian Securities Exchange (ASX) his stance that the company’s shareholders take no action over Avoca Resources’ takeover bid.

Avoca this week officially lodged a Bidder’s Statement with Dioro and the ASX.

After Avoca announced in mid-April its intention to make an unsolicited $49 million takeover bid on its smaller rival, Grivas immediately told shareholders to ignore the bid.

The new Bidder’s Statement has done nothing to change Dioro’s stance, Grivas said.

“Dioro has reviewed the Bidder’s Statement and based upon this initial review, reconfirms the previous advice to Dioro Shareholders to take no action,” he said.

“Shareholders should wait until the Dioro board provides a written recommendation in the form of a Target’s Statement which will be posted in due course.”

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