AAP 2009-07-06 Avoca Resources Ltd has increased its takeover offer for diversified exploration company Dioro Exploration NL and extended the offer period by one week.
Fellow mineral explorer Avoca is now offering one Avoca share for every 2.4 Dioro shares, from the original offer of one Avoca share for every 2.82 Dioro.
It is now valuing each Dioro share at 74.8 cents.
Avoca said its increased offer represented a premium of more than 89 per cent to the 39.5 cent closing price of Dioro shares on April 9, the trading day before the announcement of the offer.
It was also premium of 19 per cent to the 63 cent closing price of Dioro shares on 3 July 2009, the last trading day before the announcement of the increase.
The company has extended the offer period until 1900 AEST on Tuesday, July 21.
At 1345 AEST Avoca shares were 3.5 cents, or 1.95 per cent lower, at $1.76 and Dioro shares had jumped seven cents, or 11.11 per cent, to 70 cents.
