Saracen makes another play for Bligh with A$38m offer

Gold miner Saracen Mineral Holdings on Friday made a A$38.2-million all-scrip takeover offer for fellow-listed Bligh Resources, prompting the takeover target to withdraw an entitlement offer to raise up to A$2.8-million.

Saracen is offering Bligh 0.0369 of its own shares for every Bligh share held, valuing the company at $12.8c a share. The offer represented a 97% premium to Bligh’s closing price on June 13, as well as a 97% premium to Bligh’s one-month volume-weighted average share price.