Verdant Minerals, the small resources company that owns one of Australia's largest deposits of phosphate, is looking to finalise a $40.5 million takeover bid by a foreign-owned private equity group.
The company owns the Ammaroo Phosphate project near Tennant Creek and said the offer by the London-based CD Capital Natural Resources Fund (CD Capital) will increase the chances of its Ammaroo project becoming a reality.
The takeover announcement on Monday saw Verdant's share price double, before settling at 3 cents a share.
CD Capital’s offer would see Verdant shareholders get 3.2 cents a share.