Stoney silence from Crescent on rival bidder
A substantial shareholder of Crescent Gold wants to conduct due diligence to allow it to consider a rival offer, but Crescent has not yet announced the apparent approach.
Crescent Gold , the takeover target of fellow West Australian gold junior Focus Minerals , has another interested party circling it. Financial Review DealBook understands that Hong Kong company Stone Mining, a substantial shareholder of Crescent, has sought to conduct due diligence of Crescent with a view to making a counter bid.
It is understood Stone has indicated to Crescent that it does not plan on accepting Focus’s current offer, scheduled to close on August 31. This may spoil the Focus bid, because it has a 90 per cent minimum acceptance condition.
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