PanAust Limited (ASX:PNA) is the subject of a $1.71 per share takeover offer by Guangdong Rising Assets Management (GRAM).
The company is currently in discussions with GRAM in relation to the bid and has been granted an ASX trading halt until it can provide an update.
The halt will last until the earlier of the announcement being made or the start of trade on Monday, 11th May 2015.
On 15th April 2015, PanAust had urged shareholders to take no action in regards to the unsolicited offer, saying there were compelling reasons why GRAM should pay more if it wished to acquire increased ownership of PanAust.
However, the company said it remained open to engaging GRAM to determine whether a mutually acceptable offer price can be agreed.
GRAM had a 22.5% stake in PanAust when it made its takeover offer.
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