Xceed Resources has received a cash offer of $0.14 per share from Keaton Energy Holdings (JSE: KEH) which follows an unsolicited approach made by Keaton which owns and operates the neighbouring Vanggatfontein colliery in South Africa.
The offer compares to a last sale price of $0.11 for Xceed.
The offer follows the successful completion of a technical and financial due diligence by Keaton, as well as Keaton's securing of funding facilities.
The takeover will be implemented by way of a Scheme of Arrangement between Xceed and its shareholders under the Australian Corporations Act 2001.
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