Central Australian Phosphate (ASX: CEN) is preparing to update the market on the status of the indicative, non‐binding takeover proposal it had received from Monument Mining (CVE: MMY) last week.
The company has placed its shares into an ASX trading halt that will last until the earlier of the update being made on the start of trading on 1 May 2013.
Monument had offered to acquire the company for A$0.031 cash per share, valuing the company at about $18.3 million.
The off-market offer would be subject to conditions including a 50.1% minimum acceptance condition, no material acquisitions, disposals, etc and no material adverse change in Central Australian.
Monument is a C$93 million market cap. that owns and operates the producing Selinsing Gold Mine in Malaysia.
Central Australian had last week also rejected an off market takeover offer from Rum Jungle Resources (ASX: RUM) of one share plus A$0.20 cash for every 20 Central Australian Phosphate shares, saying it was neither fair nor reasonable.
The company had a cash position of around $1.04 million at the end of December 2012.
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