Gascoyne confirms friendly Firefly bid

LESS than a year after exiting a successful administration process, and with a substantial write-down looming, Gascoyne Resources has decided to launch a friendly A$43 million takeover bid for its Murchison neighbour Firefly Resources.

Gascoyne confirms friendly Firefly bid Gascoyne confirms friendly Firefly bid Gascoyne confirms friendly Firefly bid Gascoyne confirms friendly Firefly bid Gascoyne confirms friendly Firefly bid

Gascoyne will gain access to Firefly's emerging Yalgoo resources

The all-scrip deal, which was flagged by MNN last week, represents an "absolutely logical regional consolidation", Gascoyne managing director Richard Hay said today.