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Taurus bumps takeover offer for Realm Resources to A$1 per share

T2 Resources Fund Pty. Ltd. on May 15 increased its takeover offer for all of the issued Realm Resources Ltd. shares to A$1.00 per share, valuing the company at more than A$253 million.

T2 is bidding on behalf of Taurus Resources No. 2 LP and Taurus Resources No. 2 Trust, which together hold 85.16% of Realm's stock.

The previous off-market offer for each Realm share stood at 90 Australian cents apiece.

T2 noted that the offer is a 17.6% premium to the last traded price of Realm shares immediately before its suspension on the ASX on July 13, 2017.

The offer period is now also extended to June 11.

In early-April, Realm's directors rejected the previous offer, calling it "neither fair nor reasonable" and noted that the estimated fair market value for its shares is A$1.62 to A$1.92 apiece.