Euroz Hartleys Launches A$0.045 On-Market Takeover Bid for Matsa Resources
Euroz Hartleys, acting for Patronus Resources, has launched an unconditional on-market takeover bid for Matsa Resources at A$0.045 per share, aiming to acquire all shares not already controlled. The offer period runs from February 24 to March 24, 2025.
- Unconditional on-market takeover bid at A$0.045 per Matsa share
- Offer period from 24 February to 24 March 2025
- Bidder currently holds 19.57% voting power in Matsa Resources
- Bidder's Broker to purchase shares on market up to full shareholding
- Payment on a T+2 settlement basis, brokerage costs borne by sellers
Euroz Hartleys Initiates Takeover Bid for Matsa Resources
Euroz Hartleys Limited, acting on behalf of Patronus Resources Limited, has announced an on-market takeover bid for all ordinary shares of Matsa Resources Limited (ASX: MAT). The offer price is set at A$0.045 cash per share, representing an unconditional bid to acquire all shares not already owned or controlled by the bidder or its associates.
The bid is structured as an on-market offer, meaning that Euroz Hartleys’ broker will purchase shares directly on the Australian Securities Exchange during trading days. This approach allows shareholders to sell their shares at the offered price without the need for formal acceptance procedures, streamlining the acquisition process.
Offer Period and Conditions
The official offer period is scheduled to commence on 24 February 2025 and conclude on 24 March 2025, although the bidder reserves the right to extend, increase the offer price, or withdraw the offer in accordance with the Corporations Act. Payment for shares purchased will follow the standard T+2 settlement cycle, with any brokerage fees incurred being the responsibility of the selling shareholders.
At the time of the announcement, Patronus Resources and its associates hold a combined 19.57% interest in Matsa Resources, including a direct holding of 2.79%. The bid targets the remaining 80.43% of shares on issue, totaling approximately 589 million shares, to consolidate control.
Strategic Implications and Market Context
This takeover bid signals Patronus Resources’ intent to significantly increase its stake in Matsa Resources, potentially positioning itself for greater influence over the company’s strategic direction. Given Matsa’s status as a listed entity on the ASX with over 730 million shares on issue, this move could reshape shareholder dynamics and prompt responses from other major stakeholders.
The unconditional nature of the offer and the on-market mechanism reduce procedural hurdles, potentially accelerating the acquisition timeline. However, the success of the bid will ultimately depend on shareholder willingness to sell at the offered price and any competitive responses that may emerge.
Next Steps and Market Watch
Euroz Hartleys has lodged the required Bidder’s Statement with regulatory authorities and will distribute it to shareholders ahead of the offer period. Investors and analysts will be closely monitoring trading activity and any announcements from Matsa Resources’ board regarding the bid.
As the offer progresses, market participants should watch for potential extensions or price adjustments, as well as any strategic countermeasures from Matsa or other interested parties. The unfolding developments will be critical in assessing the future ownership and governance of Matsa Resources.
Bottom Line?
The unfolding on-market bid sets the stage for a pivotal shift in Matsa Resources’ ownership—shareholder response will be decisive.
Questions in the middle?
- Will Matsa Resources’ board recommend the offer or seek alternatives?
- Could Patronus Resources increase the offer price to secure more shares?
- How will other major shareholders react to the bid in the coming weeks?
