‘Inadequate’: Sierra Rutile board tries to hose down $40m hostile takeover offer

The board of Sierra Rutile has decried a cash takeover offer lobbed by one of its major shareholders in the midst of Government negotiations and a weak mineral sands market as “opportunistic” and “inadequate”.

PRM Services LLC tabled a deal to buy Sierra Rutile — a Perth-based, ASX-listed company with rutile operations in Sierra Leone — for 9.5¢ a share in an on-market transaction worth about $40 million last week.