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Crescent Gold directors unanimously accept Focus Minerals takeover offer

Crescent Gold (ASX: CRE, TSX: CRA) directors have unanimously accepted the recommended Focus Minerals (ASX: FML) off-market takeover offer.

Focus is offering one share for every 1.18 Crescent shares in the offer, which is conditional on a minimum acceptance of 90%.

The offer represents a 30.5% premium based on the Crescent and Focus shares closing prices on 17 June 2011. The bid will close on 1 August 2011.

Focus has received a pre bid agreement in favour of Focus for 19.9% of Crescent from Deutsche Bank group.

In addition, Deutsche Bank has stated an intention to accept the offer for the balance of its holding, approximately 9.24% of Crescent Shares, in the absence of a superior proposal.

The merger will make Focus one of Australia’s top five gold producers with a 230,000 ounce production target in 2012 from multiple open pit and underground operations.

The combined group will have a JORC Resource inventory of 4.3 million ounces of gold.

Mark Tory, Crescent’s managing director, said “we are delighted to be able to provide this attractive opportunity to Crescent shareholders, and look forward to a bright future as part of one of the ASX’s most prominent gold companies”.