Gold Road Resources Limited (ASX: GOR) refers to its all-cash unconditional off-market takeover offer for Apollo Consolidated Limited at $0.56 per Apollo share.
Following Gold Road’s announcement on 8 November 2021 that it did not intend to improve its offer, Gold Road advises that it has accepted the off-market takeover offer made by Ramelius Resources Limited in relation to its entire 19.9% holding of Apollo shares (being 58,324,117 Apollo shares).
Under the terms of the Ramelius offer, Gold Road will receive $19.8 million cash and 10.37 million Ramelius shares.
The effect of Gold Road’s actions means that Ramelius’ interest in Apollo has risen to 41.8%.
