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Tribune Resource rejects Northern Star’s offer

The East Kundana Joint Venture is an operational underground gold mining project.

torn piece of paper with TAKEOVER BID written on it
Northern Star is attempting to acquire the remaining 49% interest in the EKJV

Tribune Resources Ltd (ASX:TBR) has rejected Northern Star Ltd’s (ASX:NST) $112.5 million offer for its 36.75% interest in the East Kundana Joint Venture (EKJV) in Western Australia.

Northern Star made legally binding offers on 13 November 2018 to acquire the 49% stake in the EKJV it does not already own.

Rand Mining owns the other 12.25% interest in the EKJV.

Tribune’s board concluded that Northern Star’s offer significantly undervalues Tribune's interest in the EKJV.

Northern Star believes its cash offer is a fair and sensible pathway for Tribune and Rand shareholders to unlock the value of their company’s interests in the EKJV.

Quick facts: Tribune Resources Ltd

Price: 6.52 AUD

ASX:TBR
Market: ASX
Market Cap: $362.01 m
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