LONDON (ShareCast) - Angolan diamond exploration group Xceldiam has confirmed it has received a bid approach worth 50p per share from an unnamed party.
"The company notes the recent movement in its share price and accordingly announces it is in advanced stage negotiations which may lead to an offer equating to approximately 50p per share being made for the company or one of its subsidiaries," it said.
Last year, Xceldiam signed a deal with Petra Diamonds for the two to co-operate on development of it Luangue and Petra's Alto Cuilo diamond exploration projects in north-east Angola.
As part of the deal, Petra was granted warrants with a total exercise price of £14m to acquire up to 26% of Xceldiam's wholly owned subsidiary, Frannor, which holds its interest in Luangue.
