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PANAUST Limited (ASX:PNA) has rejected a second takeover bid of $2.30 per share from Guangdong Rising Assets Management (GRAM).
The copper and gold producer declined GRAM’s initial proposal of $2.20 on April 10, saying the proposal was “materially below” expectations.
“At this stage, there is no takeover offer from GRAM that is capable of acceptance by the company’s shareholders and there is no certainty that one shall eventuate. The company shall continue to keep the market updated as appropriate,” PanAust said in a statement.
At time of press, PNA was trading up 34 per cent at $2.12 each.
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