Xanadu Mines Updates on Bastion Mining Takeover Offer
Deal News | Jun 17, 2025 | Globenewswire
Xanadu Mines Ltd, a dual-listed company on ASX and TSX, has announced an update regarding the off-market takeover offer from Bastion Mining Pte. Ltd. Bastion aims to acquire all fully paid ordinary shares of Xanadu. Following Zijin Mining Group's acceptance of the offer, Bastion now holds a relevant interest of 29.67%. With this significant backing, the Takeover Board Committee of Xanadu believes it is unlikely a superior offer will be made by another party. The Board encourages shareholders to accept the Bastion offer unless a better proposal emerges. The offer is set to close on July 1, 2025, and will be declared unconditional once Bastion reaches a 50.1% stake. Xanadu, known for its copper-gold exploration projects in Mongolia, has a significant joint venture with Zijin at the Kharmagtai project.
Sectors
- Mining
- Mergers and Acquisitions
Geography
- Mongolia – Xanadu Mines conducts its exploration activities in Mongolia, making it a key geographical focus of the article.
- Canada – The announcement originates from Toronto, Canada, where Xanadu Mines is also listed on the TSX.
Industry
- Mining – The article involves companies engaged in mining activities, focusing on copper-gold exploration and development.
- Mergers and Acquisitions – The article discusses an off-market takeover bid, which is a form of corporate restructuring within the M&A sector.
Financials
- 29.67% – The current relevant interest Bastion Mining holds in Xanadu Mines following Zijin's acceptance of the offer.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Xanadu Mines Ltd | Target Company | Company | A dual-listed exploration company focusing on copper-gold projects in Mongolia. |
| Bastion Mining Pte. Ltd. | Bidding Company | Company | A private company issuing a takeover offer for Xanadu Mines. |
| Zijin Mining Group | Largest Shareholder | Company | A major shareholder in Xanadu Mines and its JV partner in key projects. |