The board of Sierra Rutile has decried a cash takeover offer lobbed by one of its major shareholders in the midst of Government negotiations and a weak mineral sands market as “opportunistic” and “inadequate”.
PRM Services LLC tabled a deal to buy Sierra Rutile — a Perth-based, ASX-listed company with rutile operations in Sierra Leone — for 9.5¢ a share in an on-market transaction worth about $45 million last week.
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