ASX-listed junior Zeta Resources has made a play for fellow listed Pan Pacific Petroleum, offering Pan Pacific shareholders either 3.8c in cash for each share held, or one Zeta share for every 10 Pan Pacific shares.
The offer valued Pan Pacific at A$22.1-million, with the cash offer price representing a 41% premium to Pan Pacific’s last closing price on the ASX, while the share offer represented a 42% premium to the company’s last closing price.
