Daily Business News Mongolia

TSX-listed Khan Resources will allow its offer for Western Prospector to lapse on Wednesday, the company said in a statement.
Western Prospector, which has said that Khan’s offer of 0,685 of a Khan share for each Western share undervalued its prospects, in July endorsed a rival C$1,34 a share bid from Tinpo Holdings.
Khan first announced its takeover plans in May.

Both it and Western Prospector have properties in Mongolia, but Western Prospector argued that its Saddle Hills uranium project is closer to a production decision than Khan’s Dornod prospect.

Khan extended its offer five times, but said on Wednesday that it now believes that the Tinpo offer will succeed.
“We have fully evaluated Western Prospector and determined that it is not a prudent use of management time and shareholder resources to continue to pursue our consolidation strategy,” said Khan CEO Martin Quick.

SOURCE: Mining Weekly

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