Pala Withdraws Offer for Rockwell Diamonds
|
|
|
 |
|
04.11.08, 12:49
/
Mining
|
|
Pala Investments Holdings Limited has announced that it is withdrawing and not proceeding with its premium all-cash offer to holders of the common shares of Rockwell Diamonds Inc. JSE: RDI).
Pala reportedly determined that the company cannot meet a number of the conditions to the bid prior to the expiry date and has therefore withdrawn the bid at this time wit the aim of providing shareholders with certainty as to the status of the offer.
On September 9, Pala , which is based in Jersey, Channel Islands, made a cash offer of $0.36 per share for Rockwell Diamonds, which the company subsequently rejected.
Rockwell acquired 51% of four diamond mining and excavation projects in South Africa in 2006.
|
|
|
By: Rachel Lieberman, Israel Diamond Industry Portal
|
|
|
