Brian Gilbertson's Pallinghurst Investor consortium raised its takeover bid for Australian miner Consolidated Minerals (ConsMin) on July 20, as it seeks to fight off a rival bid from Territory Resources. The all-cash offer of 3.30 Australia dollars per share values ConsMin at 752 million Australia dollars (662 million dollars), according to estimates. Pallinghurst said the new offer has an enterprise value of 915 million Australia dollars and is a 29-percent premium to Territory's bid, and noted it is the first time it has offered to pay fully in cash for ConsMin, a manganese and nickel miner. "The board of [ConsMin] has unanimously recommended the Pallinghurst cash offer as being in the best interests of [its] shareholders, in the absence of a superior offer," Pallinghurst said. The bid is a substantial premium to ConsMin's recent share price and a recent independent valuation of the company, Pallinghurst Resources chairman Brian Gilbertson said in a statement. Under its previous takeover bid, Pallinghurst had offered 1.68 Australia dollars per ConsMin share and a share swop of five ConsMin shares for two in the post-acquisition entity called NewCSM(MB Jun 25).
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