Australia's Tietto Minerals slides on backing 'undervalued' Zhaojin offer

Zhaojin Mining Industry Co

30/04/2024 02:30

** Shares of Australia's Tietto Minerals  TIE.AX  fall as
much as 2.2% to A$0.66, posting their biggest intraday pct loss
since April 22
    ** Gold miner's directors ask shareholders to consider
accepting takeover offer from China's Zhaojin Mining  1818.HK  
    ** Co says directors continue to believe offer "materially
undervalues" co
    ** Says if shareholders do not want to accept the offer,
they should start selling co's shares on-market if the stock
price is not materially different to Zhaojin's offer price
    ** Zhaojin Mining has offered A$0.68 per TIE share and now
owns 42.5% in co
    ** Stock had risen 10.7% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))