Evolution Mining ups stake in takeover target Phoenix Gold
Phoenix Gold's takeover battle took another twist on Friday when Evolution Mining was believed to have snapped up 49 million shares worth almost 10 per cent of the gold company.
Evolution, which already owned 44 million shares or a 9.36 per cent stake, is expected to emerge as Phoenix's largest shareholder, following the purchase of 49 million shares at 12¢ each.
The purchase comes as Phoenix is locked in a two-way battle for control, with Evolution taking on Hong Kong-listed Zijin Mining Group.
Zijin has offered Phoenix shareholders 10¢ a share for all shares it does not already own. Zijin inherited an 18 per cent stake when it acquired Norton Gold Fields earlier this year.
Phoenix's board has since engaged with Zijin and other parties in an effort to consider an alternative and higher offer.
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