A2MP Takeover of Canyon Resources Fails, Impacting Cameroon Project

A2MP Investments has failed in its attempt to take greater control of Canyon Resources after its takeover offer fell short of the required 75% threshold, leaving the financing of Cameroon’s Minim-Martap bauxite project as the company’s main unresolved challenge. Canyon said on September 23, 2026, that the offer expired at 7 p.m. Sydney time on September 21 and had therefore lapsed. All shareholder acceptances received under the offer are now void, and those investors regain control of their shares. A2MP launched its cash offer on July 29 at A$0.05 per Canyon share. At the time, the investor and its associates held a 55.56% relevant interest in the Australian company and sought to acquire the remaining shares. The transaction required A2MP to reach at least 75%. Based on Canyon’s current 2.062 billion shares, the offer valued the entire company at about A$103.1 million, equivalent to approximately CFA41.8 billion at the exchange rate used when the bid was launched. <span style="font-size: 10pt; font-family: arial, helvetica, ...