Genesis Minerals Limited (ASX:GMD) made a tender offer to acquire Dacian Gold Limited (ASX : DCN) from Perennial Value Management Limited and others for approximately AUD 110 million on July 5, 2022. Genesis will exchange 0.0843 shares for each Dacian share. Dacian Non-Executive Chairman, Mick Wilkes, to join the Board of Genesis, Dacian CEO Dale Richards to join the merged group as Chief Geologist and current Genesis Non-Executive Directors Tommy McKeith and Nev Power will resign from the Genesis board, subject to Genesis acquiring acceptances for more than 50% of Dacian's shares and the offer being unconditional.

Dacian's directors unanimously recommended shareholders to accept the offer. The offer is subject to a 50.1% minimum acceptance condition, completion of the Dacian placement, no material acquisitions or disposals, no material adverse change, no prescribed occurrences in relation to Dacian and other customary conditions. Dacian major shareholder Perennial has entered into a binding pre-bid acceptance agreement over approximately 76.4 million Dacian shares (representing 7% of Dacian's issued shares). Upon acquisition of 90% stake in Dacian, Genesis will have a right to compulsorily acquire remaining shares in Dacian. As of September 13, 2022, Genesis declares its Offer for Dacian unconditional. As of September 23, 2022, Genesis acquired majority control in Dacian. As of October 24, 2022, Dacian has declared the offer 0.0843 Genesis shares per Dacian share best and final offer.

The offer will open on August 1, 2022 and close on September 2, 2022, unless extended. As of August 26, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on September 19, 2022. As of September 9, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on October 3, 2022. As of October 3, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on October 17, 2022. As of October 17, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on October 24, 2022. As of October 24, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on October 31, 2022. As of October 31, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on November 7, 2022. As of November 7, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on November 14, 2022. As of November 14, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on November 21, 2022. As of November 21, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on November 28, 2022. As of November 28, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on December 5, 2022. As of December 5, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on December 12, 2022. As of December 12, 2022, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on January 16, 2023. As of January 16, 2023, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on January 30, 2023. As of January 30, 2023, Genesis Minerals Limited has extended the period, the offer is now scheduled to close on February 20, 2023. Treadstone Resource Partners acted as financial advisor and EMK Lawyers acted as legal advisor of Dacian in relation to the offer. Sternship Advisers is acting as financial advisor and Gilbert and Tobin is acting as legal advisor of Genesis.

Genesis Minerals Limited (ASX:GMD) completed the acquisition of an 80.08% stake in Dacian Gold Limited (ASX : DCN) from Perennial Value Management Limited and others on February 20, 2023.