Bastion Mining to acquire Xanadu Mines for AUD160m.

Bastion Mining, an ASX-listed exploration and development company, offered to acquire Xanadu Mines, an Australian exploration company, for AUD160m. "The proposed acquisition of Xanadu by Bastion is aligned with the Company's strategy of generating returns for shareholders and also providing a liquidity event. Bastion's Offer provides Xanadu shareholders with an attractive premium, which recognizes the Company's inherent value and considerable achievements in progressing the Kharmagtai Copper-Gold Project. The Takeover Board Committee Directors consider the Offer to be in the best interest of shareholders and unanimously recommend that shareholders accept the Offer in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Offer is fair and reasonable," Colin Moorhead, Xanadu Executive Chairman and Managing Director.