Perth-based metallurgical testing specialist Ammtec has agreed to a conditional takeover after Campbell Brothers made a revised increased offer for the company.
Campbell Brothers has lodged a bidder's statement on behalf of its wholly owned subsidiary Australian Laboratory Services, making an off-market bid to acquire all ordinary shares in metallurgical services operator Ammtec.
Brisbane company Campbell Brothers' hostile $123 million takeover bid for Perth minerals testing group Ammtec finally appears to be making some headway, with institutional investor BT believed to have accepted the $3.35 per share offer.
Minerals testing company Ammtec's board of directors are set to reject an unsolicited $123 million takeover bid for the company by Campbell Brothers on the grounds the offer is too low and fails to reflect the true value of Ammtec.
Shares in Balcatta-based minerals tester Ammtec have soared 30 per cent after it received a $123 million takeover offer from laboratory services and chemicals producer Campbell Brothers.
Takeover target PearlStreet has rejected a proposed $42.1 million cash takeover bid by Campbell Brothers, which was conditional on a recommendation from the target's board.
