A2MP Investments has declared its A$0.05 per share takeover offer for Canyon Resources best and final, with the bid set to close on 21 September unless a competing proposal emerges. The offer remains conditional and will lapse if its minimum acceptance condition is not met.
- A$0.05 offer declared best and final
- Offer closes at 7:00pm Sydney time on 21 September
- A2MP reports 56.63% relevant interest, including unprocessed acceptances
- No superior proposal has emerged
- Defeating conditions will not be waived if minimum acceptance is unmet
A2MP Caps Price and Offer Period
A2MP Investments FZCO has drawn a firm line under its takeover bid for Canyon Resources Limited (ASX:CAY), declaring its A$0.05 per share offer best and final. The bidder said it will not increase the price or extend the offer period unless a competing proposal emerges or the law requires otherwise.
The offer is scheduled to close at 7:00pm Sydney time on 21 September 2026. That gives Canyon shareholders a defined endpoint, but not a guaranteed transaction: A2MP said the bid will lapse if its minimum acceptance condition is not satisfied.
Bidder Reports 56.63% Relevant Interest
A2MP said it and its associates have a relevant interest in 1,167,690,402 Canyon shares, equivalent to 56.63% of shares on issue on an undiluted basis. The figure includes acceptances that have not yet been processed under interim orders made by the Takeovers Panel on 28 August.
The bidder said it is not aware of any competing or superior proposal. It also pointed to the independent board committee’s rejection of the offer and the independent expert’s preferred valuation, which it said is substantially above both the A$0.05 offer price and Canyon’s A$0.046 closing price on 10 September. A2MP continues to disagree with aspects of that valuation and the committee’s reasoning, but said it accepts that the recommendation has influenced shareholder decisions.
Conditions Remain a Crucial Barrier
A2MP said it will not waive the bid’s defeating conditions. The position matters because Takeovers Panel interim orders currently prevent the bidder from declaring the offer free of those conditions, and A2MP has separately decided not to waive them even if it had the ability to do so.
A2MP is due to give formal notice on the status of the conditions on 14 September. The immediate question is therefore not simply whether the bidder controls a majority of Canyon, but whether the unprocessed acceptances and remaining conditions are enough to carry the offer through before the 21 September deadline.
Bottom Line?
The bid now has a fixed price and a fixed clock, but its outcome still turns on the minimum acceptance condition and the status of the outstanding conditions.
Questions in the middle?
- Will the minimum acceptance condition be satisfied once the reported acceptances are processed?
- What status will A2MP give the defeating conditions on 14 September?
- Could a competing proposal emerge before the 21 September closing time despite A2MP’s assessment that the likelihood is low?