News
John Smaug
- October 03, 2023
TNR Gold, a mining-royalty company, has rejected a takeover bid of approximately 15.2 million Canadian dollars ($11.1 million) from Lithium Royalty, deeming it too low and financially inadequate. TNR described the offer as an opportunistic "low-ball" approach that is not in the best interests of the company or its shareholders.
Lithium Royalty, a lithium-focused royalty company, had made a non-binding all-cash offer of C$0.08 per share. This offer represented a 45% premium to the previous day's closing price and was ten times the total cumulative trading volume over the past year. However, TNR has been approached by multiple parties proposing much higher valuations for its assets.
Since mid-July, Lithium Royalty had been trying to engage TNR in discussions regarding a potential deal. However, TNR has been in talks with other parties who have presented more appealing offers.
In response to potential unsolicited takeover approaches, TNR implemented a shareholder rights plan in July. This plan ensures that all shareholders are treated equally and seeks to prevent any creeping bids.
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