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Fitzroy declares Royalco takeover offer unconditional

Fitzroy River Corp. Ltd.'s A$10.5 million off-market takeover bid for Royalco Resources Ltd. has become unconditional.

The company on Jan. 30 said it will accelerate payment of the 20-cent-per-share cash consideration to Royalco shareholders that have accepted its offer.

Royalco agreed in mid-December 2016 to recommend the increased offer to shareholders after rejecting Fitzroy's initial offer of 18 cents per share.

Fitzroy has, so far, obtained a 43.265% stake in Royalco, which is facing a potential board spill at a Feb. 22 meeting.