Company News Summary
Discovery Metals Releases Third Supplementary Target's Statement in Relation to Cathay Fortune Offer
Original announcement: Third Supplementary Target's Statement
Discovery Metals released its third supplementary target's statement in relation to the off-market takeover bid by Cathay Fortune Investment for all of the ordinary shares in the company. With respect to the bidder's "requirement to conduct appropriate due diligence", as stated in the fifth supplementary bidder's statement, the board noted that the offer is not and has never been subject to due diligence and cannot be made subject to a discretionary due diligence by the bidder under Australian takeovers law. The company will not permit the bidder to conduct due diligence. In addition, the company has written to the bidder offering to further clarify their technical questions; and has requested that the bidder waives its Change of Control condition.
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