Gascoyne Resources tumbles after rejecting $77 mln Westgold bid

Deutsche Balaton AG

13/10/2021 03:43

** Shares of Gascoyne Resources Ltd  GCY.AX  fall as much as
20.2% to A$0.335, head for worst day since June 4
    ** Gold explorer rejects https://www.asx.com.au/asxpdf/20211013/pdf/451ljz17mpdjwq.pdf
 rival Westgold Resources  WGX.AX  takeover bid, calling it
inadequate, among other reasons 
    ** WGX in Sept said it would buy GCY for A$104.8 mln ($76.95
mln), above an earlier A$44.7 mln offer from smaller rival
Firefly Resources  FFR.AX   urn:newsml:reuters.com:*:nL4N2QW079
    ** Deutsche Balaton AG  BBHKk.F , holding a 22.1% stake in
GCY, says it does not intend to accept WGX's offer in the
absence of a superior proposal
    ** GCY says remains committed to FFR offer
    ** Production outlook for FY23 and FY24 withdrawn due to
merger with FFR - GCY
    ** Shares trade at their lowest since Sept 29; down 2.3% YTD

($1 = 1.3618 Australian dollars)

 (Reporting by Aneetta Thomas in Bengaluru)
 ((Aneetta.Thomas@thomsonreuters.com;))