Shanta Gold Says Potential Shandong Offer Likely to Be in Cash; Shares Rise Further -- Update

By Ian Walker and Anthony O. Goriainoff

Shanta Gold Ltd. shares rose late Tuesday after the company said that based on takeover discussions to date any offer from Shandong Gold Group Co. would likely be solely in cash.

Shares at 1520 GMT were up 4 pence, or 44%, at 13 pence.

Shares in the AIM-listed mining company rose earlier in the day after it said it had received various takeover approaches, including from Shandong Gold Group, Yintai Gold Co. and Chaarat Gold Holdings Ltd., and that it was in talks with each of the parties

The miner didn't disclose terms of the potential takeovers or any pricing being discussed. However, it cautioned that there is no certainty any deal will be struck and advised shareholders to take no action at this time.

Each of the companies have until Nov. 15 to either make an offer or walk away under U.K. Takeover Panel rules.

Write to Ian Walker at ian.walker@wsj.com and Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

October 18, 2022 11:48 ET (15:48 GMT)

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