Another major Magma shareholder accepts Panoramic bid
7th May 2012
PERTH, May 7 – Another of takeover target Magma Metals’ major shareholders has accepted Panoramic Resources’ off-market bid of one Panoramic share for every 7 Magma.
Panoramic says it now holds acceptance for 75,050,721 Magma shares, 28.07%, following acceptance by Magma’s third largest shareholder (excluding Panoramic), Pala Investments, which holds 7.18%.
This follows the earlier acceptance of Magma’s largest shareholder, Anglo Pacific Group, which holds 17.61%. Panoramic now has acceptances totalling 41.75%.
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