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Shareholder takeover of Pacific Mining moves ahead as objection timeframe ceases

Majority shareholder P B White Minerals Pty. Ltd.'s takeover bid for Pacific Mining Ltd. is progressing, following the end of the objection period.

Holders of a minimum of 10% of Pacific Mining shares did not raise objections to P B White's takeover attempt, after the majority shareholder pushed up its stake in the company to 90.87% in February, kickstarting a compulsory acquisition process.

For the takeover bid, P B White is partnering Whitefam Investments Pty. Ltd. and Australian Industrial Sands Pty. Ltd., all companies owned by the White family.

The Australian stock exchange will suspend the quoting of Pacific Mining shares at the close of business March 21, and remove the company from the bourse's official list after that.

New South Wales-based Australian mining investment company Pacific Mining has commercial real estate businesses.