CBH Resources Ltd
(ASX:CBH) says it has received a sweetened offer from Toho Zinc.
Under the revised proposal, the offer price has been increased by 20% from 0.25 a share to $0.30 a share.
CBH says the structure and other terms of the proportional takeover offer remain the same as announced to the market on 16 Mach 2010.
This includes that Toho will offer to acquire between 26.5% to 28.5% of all shares held by CBH shareholders to give it a relevant interest in not more than 49.9% of the total issued shares in CBH.
CBH says it will meet shortly to consider the sweetened offer and advise shareholders on what to do.
A committee of CBH directors independent of Toho have already endorsed Toho’s previous proposal.
CBH Resources reported a loss of $96.63 million for financial year 2009.
