W AUST CO AVOCA RES LAUNCHES US$37 MLN BID FOR GOLD MINER DIORO
PERTH, May 19, 2009 (AsiaPulse via COMTEX) --
Avoca Resources Ltd (ASX:AVO) has opened its A$49 million (US$37.45 million) scrip takeover offer for gold miner Dioro Exploration NL (ASX:DIO) with the dispatch of its bidder's statement.
The proposed transaction was approved by Australia's Foreign Investment Review Board on Monday.
This was required because Avoca's major shareholder, Switzerland-based Pala Investments Holdings Ltd, holds a more than 15 per cent of Avoca.
avoca launches bid for dioro
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