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Gold miner Gold Road Resources has increased its takeover offer for fellow listed DGO Gold from 2.16 Gold Road shares to 2.25 Gold Road shares for every DGO share held, and has extended the takeover period until the end of June.

Gold Road said that its improved offer for DGO would be the last increase to the offer price.

The improved offer implied a value of A$2.95 to DGO shares, which was a 7.6% premium to the company’s ten-day volume weighted average share price at May 17.

To date, Gold Road has secured a 21.5% shareholding in the takeover target, with the DGO directors unanimously supporting the takeover offer, in the absence of a superior proposal.

God Road noted that the improved offer remained subject to an 80% minimum acceptance condition, and no disposal of any marketable securities.

DGO owns a portfolio of strategic investments in ASX listed companies De Grey Mining, Dacian Gold, and Yandal Resources, as well as a portfolio of exploration tenements in the Pilbara, Yilgarn, Bryah and Stuart Shelf provinces.

Gold Road has previously told shareholders that the acquisition of DGO aligned with the company’s strategy to invest in high quality gold projects in tier one jurisdictions