[miningmx.com] – JOHANNESBURG-listed commodities trading company, Metmar, is the subject of a R294m bid from Traxys, a R72bn a year metals marketing firm that operates from Luxembourg., said BDLive.
The buyout offer is set at 110 cents per Metmar share which is double the South African firm’s recent low of 55c, said BDLive. Shares in Metmar, which has endured a few lean years, raced up 27% to 89c/share last week.
However, market sources told BDLive that the offer discounted Metmar’s last stated tangible net asset value of 135c per share.
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