Australia's Astral Resources tumbles on bid to acquire Maximus Resources

Astral Resources NL

03/02/2025 03:14

** Shares of Astral Resources  AAR.AX  fall 5% to A$0.1425
    ** Stock posts its worst intraday drop since Jan 28
    ** The miner says it bids to acquire all remaining shares of
peer Maximus Resources  MXR.AX  at an offer price of
A$0.073/share valuing co at A$31 mln ($18.88 mln)
    ** Offer price represents a premium of 12.3% of stock's last
close 
    ** Merged entity will have combined mineral resources of
~1.8 mln ounces of gold - AAR managing director
    ** About 2 mln shares change hands, 1.6x the 30-day avg
    ** AAR last month gained 11.1%, largely in line with MXR's
gains of 10.2%

   ($1 = 1.6418 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))