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Nautilus receives offer

BRISBANE-based Nautilus Minerals has received an unsolicited hostile takeover offer from a Canadian trader, despite the future of its Solwara 1 seafloor project being in doubt due to a dispute with the Papua New Guinea government.

Kristie Batten
Nautilus receives offer

Minority shareholder Michael Bailey is offering C97c per share, a 108.6% premium to the last closing price, valuing the company at $238 million. Gannibal Securities will negotiate lock-up agreements...

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