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Crescent Gold: Focus Minerals now holds 19.1% as shareholders accept takeover

Crescent Gold (ASX: CRE, TSX: CRA) shareholders have started to accept the Focus Minerals (ASX: FML) off-market takeover offer, with Focus now holding 19.1% of Crescent.

All of the Crescent directors have provided acceptances.

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.

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.