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Crescent Gold: Focus Minerals now holds 31.7% as shareholders accept takeover

Crescent Gold (ASX: CRE, TSX: CRA) shareholders are accepting the Focus Minerals (ASX: FML) off-market takeover offer, with Focus now holding 31.7% of Crescent.

The offer is open until Monday 1st August 2011.

All of the Crescent directors have already provided acceptances.

Focus is offering one share for every 1.18 Crescent, which is conditional on a minimum acceptance of 90% - representing 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, around 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 of 4.3 million gold ounces.