It looks like the last bidder standing in the battle for Consolidated Minerals (CNM-L, CSM-A) is Palmary Enterprises, the company controlled by Ukrainian businessman Henadiy Boholyubov.
Palmary bumped its bid for Consmin to A$5 per share on Dec. 4, breaking a deadlock with rival bidder Pallinghurst Resources, the private group headed by Brian Gilbertson. Pallinghurst immediately announced it was not moving off A$4.50 and would tender to the Palmary offer.
The new bid values Consmin at A$1.3 billion ($1.2 billion) based on a fully-diluted float of 264.5 million shares. The play for Consmin had started in February when Pallinghurst made a friendly offer of A$1.38 per share for a 60% holding in Consmin.
The door remained open for another bidder to offer before a Dec. 20 closing on Palmary’s bid; Palmary was reserving the right to increase its offer if a new bid came in before that date.
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