Sierra Rutile takeover bid update

Sierra Rutile Holdings Limited (ASX:SRX) has announced that the takeover bid by Leonoil Company Limited (Leonoil) has been declared unconditional, ensuring shareholders will receive the offer price of $0.18 per share. Leonoil has also accelerated the payment process, aiming to pay shareholders who accept the offer within seven business days of acceptance.

Executive commentary on the takeover bid

Leonoil has taken significant steps to ensure the success of the takeover bid for Sierra Rutile. The unconditional nature of the offer, coupled with the accelerated payment process, demonstrates our commitment to providing value to Sierra Rutile shareholders. We urge shareholders to accept the offer without delay to benefit from the favorable terms.

Summary of the takeover bid and outlook

The recent announcement by Sierra Rutile (ASX:SRX) regarding the unconditional nature of the takeover bid by Leonoil Company Limited (Leonoil) at $0.18 per share signifies a significant development in the acquisition process. With the accelerated payment process and the offer declared as 'best and final as to consideration', shareholders are encouraged to act promptly. The offer is scheduled to close on 9 September 2024, unless extended. Sierra Rutile shareholders are advised to carefully consider the offer and take necessary steps to accept it within the specified timeframe. The board of directors of Leonoil has emphasized the importance of this opportunity and encourages shareholders to make informed decisions regarding the offer.