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Territory recommends takeover offer

SHARES in junior iron ore producer Territory Resources have soared after it signed a bid implementation agreement with South Africa's Exxaro Resources, whereby the Johannesburg-listed company will offer A46 cents per share to acquire all of Territory in a deal worth $123 million.

Kristie Batten
Territory recommends takeover offer

The offer price represents a 64% premium to Territory’s closing price of 28c on Friday, and a 69% premium to Territory’s share price over the past month. The majority of the Territory board is recommending...

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