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Northern Star declares takeover offer for Echo Resources unconditional

Northern Star Resources Ltd. declared its bid to acquire the remaining shares in Echo Resources Ltd. at 33 Australian cents apiece unconditional.

The company said Sept. 23 that it has a 21.99% interest in Echo, and the offer is scheduled to close Oct. 14.

In late August, the company offered to wholly acquire Echo in a deal valuing the latter at A$242.6 million.

Echo directors unanimously recommended that shareholders accept the offer, in the absence of a superior proposal.