CZR Resources seeks ASIC consent to cancel takeover
Key points
- CZR Resources failed to obtain necessary shareholder approval to acquire shares from key holders in its takeover bid for Zuleika Gold.
- The company's stock dropped to $0.18 following the general meeting results and takeover update.
- CZR Resources intends to apply to ASIC to withdraw the takeover offer.
CZR Resources (ASX:CZR) will seek regulatory consent to withdraw its off-market takeover bid for Zuleika Gold (ASX:ZAG) after shareholders rejected key acquisition resolutions.
The decision follows a general meeting on 23 October 2026 where shareholders voted down the required approval to acquire Zuleika shares from Yandal Investments and Annie Guo.
Because the shareholder approval condition cannot be satisfied or waived, the company confirmed it will not declare the takeover offer free from its remaining conditions.
CZR Resources plans to apply to ASIC under section 652B of the Corporations Act 2001 (Cth) to formally withdraw the transaction.
Following the announcement, the CZR Resources share price was down at $0.18.
The company stated that there can be no guarantee ASIC will grant consent to withdraw the takeover bid or what conditions might be attached.
CZR Resources had previously offered 0.1742 of its own shares for every one Zuleika share before the acquisition structure stalled.
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