A Chinese owned company has declared a $71 million unconditional takeover bid for Queensland coal miner Carabella Resources after securing 17.5 per cent of the company’s stock on Monday.
China Kingho Energy through its subsidiary Wealth Mining started buying up Carabella shares yesterday at up to 45.5c per share.
Today Wealth Mining’s stake had jumped to 20.02 per cent.
A takeover bid was tabled in early December at 42c a share.
At the time Wealth Mining already held an 11.06 per cent stake in the company and Carabella executives advised shareholders to take no action in relation to the offer.
The explorer also said it was fielding an undisclosed number of expressions of interest from other parties.
On January 3 Carabella advised shareholders to accept the takeover offer from Wealth Mining.