Ramelius Withdraws Takeover Bid as Spartan Scheme Becomes Effective

Court Approval Seals Spartan’s Scheme

In a decisive development for Spartan Resources Limited, the Supreme Court of Western Australia has approved a scheme of arrangement between Spartan and its shareholders. This legal endorsement, lodged with the Australian Securities and Investments Commission (ASIC) on 22 July 2025, marks the scheme’s official effectiveness and paves the way for Spartan’s shares to be acquired under its terms.

Ramelius Withdraws Conditional Takeover Bid

Following the court’s ruling, Ramelius Resources Limited, which had been pursuing a conditional off-market takeover bid for Spartan, has formally withdrawn its offer. Ramelius secured ASIC’s consent under the Corporations Act to retract all unaccepted offers as of 23 July 2025. This move effectively ends Ramelius’s bid to acquire Spartan shares outside the court-approved scheme.

Implications for Spartan Shareholders

With the withdrawal of Ramelius’s bid, Spartan shareholders are now set to have their shares acquired exclusively through the scheme of arrangement. The implementation of this scheme is anticipated on 31 July 2025, following shareholder approval earlier in July. All contracts arising from any acceptance of Ramelius’s bid prior to withdrawal are now void, ensuring a clean transition under the scheme.

Strategic and Market Context

This sequence of events underscores the competitive dynamics in the gold mining sector, where consolidation efforts often involve complex legal and regulatory maneuvers. Ramelius’s decision to withdraw signals recognition of the court-backed scheme’s primacy and may reflect strategic recalibration in response to shareholder preferences and regulatory frameworks.

For investors, the unfolding scheme offers a clearer path to ownership transition, though the absence of detailed financial terms in the announcement leaves some questions about valuation and future operational integration.