There is a stalemate in the case of the Union Resources and Minemaker takeover bids for each other. Clearly the problem is that both companies want to progress the Namibian offshore phosphate project, but neither will willing to concede each others valuation. I personally find Minemaker's Wonorah phosphate deposit to be not very valuable because its a large resource in a remote location. Why would a Union Resource shareholder want to dilute their equity with that project, when there is a perfectly located offshore project in Namibia easily beneficiated. It gets better for Union Resources shareholders because an Omanese state engineering company has acquired a 19.9% stake in the company, which means that UCL shareholders will have a better change of getting value from a successful bid. If you read the background Target statement of Minemakers, MAK have no shareholder to give shareholders a blocking state. They don't have the cash for a cash bid, so I think there bid will fall empty. At least UCL shareholders can expect more equity value from their Omanese shareholder.
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