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. Last Updated: 07/27/2016

Gold Mine Offer Cut




LONDON -- Lonmin PLC pitched a lower revised offer for Ashanti Goldfields Co. Ltd. on Monday in a move that analysts said underlined the hedging problems facing Africa's third largest gold producer.


Ashanti said Lonmin had amended its offer to 16 Lonmin shares for every 27 Ashanti shares, down from the previous proposed ratio of 32 to 43.


That values Ashanti at around $665 million, or $5.95 a share, against the previous offer from Lonmin - which already owns 32 percent of Ashanti - worth $7.50 per share.