Gemfields Still Pursuing TanzaniteOne

Gemfields Resources, an arm of private equity group Pallinghurst Resources, is still after a controlling stake in TanzaniteOne. On October 21 Gemfields made a second bid for the Tanzania-based precious gemstones miner, changing its bid from a share swap to a cash only offer, and lowering it from GBP0.45 (US$0.73) to GBP0.43 (US$0.70) per share. Gemfields made its first offer for the Tanzanite miner in September. To date, Gemfields and Pallinghurst have built up a combined stake of 18.5% in the company, while they also claim that shareholders owning 18.8% of TanzaniteOne have signed tender agreements.

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