Goldsea Australia Mining Pty Ltd intends to make an off market takeover offer to acquire Alto Metals Limited (ASX:AME) from GS Group Australia Pty Ltd, Harvest Lane Asset Management Pty Ltd and others for AUD 20.7 million on February 21, 2020. Goldsea will pay AUD 0.065 in cash per share of Alto Metals. Goldsea will acquire 4.57 million, 28.44 million, 8.33 million, 30 million and 7.5 million options at AUD 0.012, AUD 0.015, AUD 0.017, AUD 0.018 and AUD 0.034 respectively. As on May 28, 2020, the bid price was increased to AUD 0.075 per share. There is no change to the offer consideration payable under the offer for the options. On May 22, 2020, Habrok (Alto) Pty Limited made an unconditional competitive bid to acquire Alto Metals Limited (ASX:AME) from Gs Group Australia Pty Ltd, Harvest Lane Asset Management Pty Ltd and others for AUD 21 million. The deal offered by Habrok will not be subject to diligence, financing or regulatory approvals. Habrok is currently evaluating a takeover bid for Alto's options. Goldsea intends to finance the offer using the existing cash holdings of Jiang Li, Chief Executive Officer of Goldsea Group and his wholly owned private company, Singapore J&Y Investment Pte Ltd. The offer is subject to 90% minimum acceptance, due diligence, approval of the Australian Foreign Investment Review Board and other regulatory approvals. As on May 31, 2020, Habrok (Alto) Pty Limited confirmed that it does not intend to accept the Goldsea share offer in respect of the shares it may control. As on June 3, 2020, Goldsea has confirmed that it intends to waive all conditions to the offer other than FIRB approval if it receives acceptance for at least 50.1% stake. Deadline for FIRB approval is June 30, 2020. On June 24, 2020, the Foreign Investment Review Board asked for six more months to consider the transaction. Goldsea will let the takeover bid lapse. As of February 24, 2020, the Directors of Alto Metals advise that shareholders should take no action, and await the Board's formal recommendation in the target's statement. As per the update on April 8, 2020, all takeover offers have been sent to Alto shareholders and option holders, offers now open for acceptance and confirmatory environmental due diligence review now complete. As on April 20, 2020, Alto Metals Limited's Directors unanimously recommended to shareholders to reject the offer. As of May 28, 2020, the Board of Directors of Alto continue to unanimously recommend the Goldsea takeover offers, in the absence of a superior proposal. Offer will close on May 8, 2020. As of April 30, 2020, the offer period has been extended till June 8, 2020. As on May 28, 2020, the offer will close on July 8, 2020. On June 24, 2020, Foreign Investment Review Board has requested the further extension for six months to consider the Goldsea’s application. Goldsea announced that there will be no further extensions to the period of the acceptance and offer will lapse on July 8, 2020. Goldsea disclosed fourth supplementary bidder's statement and after FIRB requested a further extension of six months to consider Goldsea’s application, Goldsea declined FIRB request and withdrew its application and accordingly, the FIRB Share Offer condition (which cannot be waived by Goldsea) will not be satisfied before the Offers close. Graeme Testar of PCF Capital Group Pty Ltd acted as financial adviser and Michael Blakiston and Marisa Orr of Gilbert + Tobin acted as legal advisors in the offer for Goldsea. Longreach Capital acted as financial adviser and HWL Ebsworth Lawyers as legal advisor for Alto.