Xanadu Mines Limited (ASX:XAM) has announced that Bastion Mining Pte. Ltd. has declared its off-market takeover bid unconditional. Xanadu Mines is an Australian-based exploration company focused on discovering and developing world-class copper and gold deposits in Mongolia. According to a notice filed with the ASX on June 24, 2025, Bastion has fulfilled the defeating condition outlined in its bidder’s statement and has waived all remaining conditions attached to the offer.
The announcement confirms that Bastion now holds a relevant interest in at least 50.1% of Xanadu’s shares, satisfying the primary condition of the takeover bid. Bastion, via a separate notice, declared that the offer is now free from all conditions detailed in section 8.6 of the Bidder’s Statement. As of the date of the announcement, Bastion’s voting power in Xanadu has reached 55.65%.
The initial bidder’s statement, which outlined the terms of the takeover, was released on May 27, 2025. With all conditions now cleared, shareholders of Xanadu Mines can now accept Bastion’s offer. The notice was signed by Philip Tan Ling Kwok, Sole Director of Bastion Mining Pte Ltd.
