Australia's AIC Mines tumbles as Demetallica rejects takeover offer

AIC Mines

12/10/2022 05:46

** Shares of AIC Mines Ltd  A1M.AX  fall as much as 3.96% to
A$0.485, lowest since Sept. 27
    ** Demetallica Ltd  DRM.AX  rejects AIC's Sept. 19
conditional, off-market takeover offer by not taking any action
    ** AIC offered 1 share for every 1.5 DRM shares held,
reflecting a 68% premium to Demetallica's Sept. 16 closing
price, and valuing it at A$36 million ($22.54 million)
    ** DRM says it is open to discussions with AIC for a better
offer that "more adequately reflects the value of the company's
assets"
    ** Stock has fallen 3.8% this year, as of last close 
    ($1 = 1.5972 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))