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Fitzroy River's renewed takeover of Royalco recommended by board committee

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Fitzroy River's renewed takeover of Royalco recommended by board committee

Royalco Resources Ltd. said Dec. 12 that an independent board committee recommended that shareholders accept Fitzroy River Corp. Ltd.'s proposed off-market takeover of shares it does not own.

The committee, which includes David Croll — the only Royalco director who is not also a director of Fitzroy River — said the offer of 24 Australian cents per share was fair and reasonable in the absence of a superior proposal, citing the conclusions of a review by BDO Corporate Finance, an independent expert.

The deal values Royalco at about A$12.7 million.

Fitzroy River will begin the compulsory acquisition of Royalco shares upon reaching a relevant interest threshold of at least 90%.

The offer expires Jan. 13, 2020.

Fitzroy River made an unsuccessful bid to acquire Royalco in early 2017.