Mediterranean Resources (MNR.TO) announced they received a lowball-offer from an unnamed Australian party which intends to acquire all outstanding shares of Mediterranean Resources to gain full control of their Kizildag-project.
Whilst we are always willing to look at the proposal the ASX-listed company will put on the table, we would prefer an all-cash deal and a spinoff of the recently acquired Antimony-assets (with sufficient working capital in the SpinCo) to the current shareholders of Mediterranean Resources. Unless it’s a very sweet all-cash deal (which we doubt, as CEO Chris Ecclestone calls it a lowball-offer), a spinoff of the antimony-assets is a conditio sine qua non for us.
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Disclosure: The author holds a long position Mediterranean Resources. Please see our disclaimer for current positions.
