Noront Resources Ltd. (NOT:TSX) and Freewest Resources Canada Inc. (FWR:TSX) have both released public letters to shareholders over what Freewest calls a hostile takeover attempt.
The dispute began when Noront launched a takeover attempt for all of Freewest’s outstanding shares Oct. 13.
Freewest then sent a message to shareholders, urging them to reject what they stated was a hostile takeover by Noront.
The message read, "The Board of Directors continues to be of the view that the Noront offer is financially inadequate and opportunistic, and fails to recognize the strategic value of Freewest’s assets and its future value-creation potential."
Noront called the statements "incorrect and a blatant attempt to mischaracterize the events that transpired," stating a mutual agreement was reached by both parties to extend Noront’s existing takeover offer to Dec. 1.
Noront’s statement, released Nov. 18 read, "Noront is outraged that Freewest would characterize the settlement reached by the parties as anything other than a mutually agreed upon settlement of the issues."
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