Australia's Tietto Minerals says takeover offer 'materially undervalues' co

Zhaojin Mining Industry Co

02/11/2023 22:23

Nov 3 (Reuters) - Australia's Tietto Minerals  TIE.AX 
said on Friday that a takeover offer by a unit of Zhaojin Mining
Industry  1818.HK  to buy all shares that it does not already
own, "materially undervalues" the company.
    The gold explorer said it unanimously recommends
shareholders not accept the A$629 million ($404.57 million)
offer by Zhaojin Capital. 

($1 = 1.5547 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru
Editing by Chris Reese)
 ((Archishma.Iyer@thomsonreuters.com;))