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Royalco rejects Anglo Pacific offer

LONDON
Fri Jul 3, 2009 4:22am EDT

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LONDON (Reuters) - Australia-based royalty and mineral exploration company Royalco Resources Ltd (RCO.AX) said on Friday it rejected Anglo Pacific Group's (APF.L) improved offer because it undervalues the company.

Anglo, Royalco's biggest shareholder, raised its cash offer to A$0.34 (0.17 pounds) a share, valuing Royalco at A$17.9 million, adding that the revised price was its final offer.

Anglo made a A$0.30 per share offer in May.

(Reporting by Julie Crust; Editing by Lorraine Turner)


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