The ASX has announced that Gold Road has sought to halt trading pending an announcement.
Gold Road Resources (ASX: GOR) has sought a trading halt pending the release of an announcement.
The ASX announced that the halt, as requested by Gold Road, will remain in place until the commencement of trading on Tuesday 6 May or when the announcement is released to the market.
The pause in trading comes amidst media speculation over a potential change of control transaction.
South African gold miner Gold Fields previously proposed a $3.3b takeover bid of Gold Road in March earlier this year.
The bid from Gold Fields, which Gold Road jointly owns the Gruyere gold mine in WA, was quickly rejected by the company.
The company stated that the offer from Gold Fields was hostile, highly opportunistic in nature and materially undervalued Gold Road.
Gold Fields then rejected a counter proposal for Gold Road to acquire its interest in the Gruyere joint venture and publicly announced the terms of the offer despite Gold Road’s willingness to maintain confidentiality.
Gold Road deemed the actions of its partner, which it had invited into the joint venture, extremely disappointing.
Gold Road’s shares have climbed a staggering 85% in the last year, and with acquisitions occurring left and right, there is speculation that the company has received a superior takeover bid.
