Australian miner Bonaparte Diamond Mines has told its shareholders that its independent directors have accepted a sweetened takeover offer from Minemakers.
Phosphate explorer Minemakers has agreed to offer one share for every nine Bonaparte shares on the condition that it gains a 90% interest of Bonaparte shares during the offer period.
Minemakers revised its previous unconditional offer of one share for every ten Bonaparte shares after a rival bid was launched by Union Resources.
As of 18 June, Minemakers said it had obtained a relevant interest in 81.3% of Bonaparte shares giving it control over the company.
Minemakers intends to de-list Bonaparte from the Australian Securities Exchange which, if approved, would limit the trading capacity of minority shareholders.
Bonaparte directors said that shareholders would benefit if Minemakers acquires more than 90% of Bonaparte shares during the offer period.
The Minemakers offer is scheduled to close on 24 June, unless the period is extended.