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Fitzroy River's takeover offer for Royalco goes unconditional

Fitzroy River Corp. Ltd.'s all-cash takeover offer for Royalco Resources Ltd. is now unconditional.

The company now holds an over 90% interest in Royalco, according to the Dec. 20 release.

The offer is scheduled to close Jan. 13, 2020, and Royalco shareholders who do not accept the offer by then will have their shares compulsorily acquired by Fitzroy.

Royalco's independent board committee recommended for shareholders to accept Fitzroy's offer of 24 Australian cents per share. The deal values Royalco at about A$12.7 million.