MC Mining urged shareholders to reject Goldway Capital Investment's off-market takeover bid at 16 cents per share, deeming it opportunistic and undervaluing the company's assets and recent performance improvements.

The independent board committee highlighted the lack of a suitable control premium and is preparing a target statement with an independent expert's report to support their recommendation against accepting Goldway's offer.

The bid, subject to ASIC-regulated conditions, includes provisions for rescinded contracts and potential adjustments if a rival bid surpasses it by 105% or more.