Astral Resources (ASX:AAR) will acquire Maximus Resources (ASX:MXR) in an offer that values Maximus at about AU$31 million, the firms said in separate Monday Australian bourse filings.
The company will acquire Maximus via an off-market takeover offer, with one new Astral share exchanged for every two Maximus shares.
The Maximus board unanimously recommended that the firm's shareholders accept the offer, in the absence of a superior proposal.
The offer will open on Feb. 5 and close on March 7.
The directors of Maximus who own or control shares in the firm confirmed that they plan to accept the offer in respect of the shares that they own or control, which represent a 1.2% stake in the firm.
Astral's shares fell over 5% in early trading on Monday. Maximus Resources' shares were down almost 2% in recent trade but earlier hit a new 52-week high.
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