Fitzroy River Corporation Ltd. (ASX:FZR) made an offer to acquire the remaining 85% stake in Royalco Resources Limited (ASX:RCO) from High Peak Royalties Limited (ASX:HPR), Noontide Investments Ltd and others for AUD 8.1 million on October 19, 2016. Under the terms of the offer, Fitzroy River will pay AUD 0.18 per share for the remaining Royalco shares. The offer period will start from November 3, 2016. Fitzroy will finance the consideration from its own cash reserves. As part of the offer, Fitzroy intends to continue Royalco's business without making any major changes to the employment of Royalco's employees. Apart from this, if Fitzroy ends up controlling 90% or more stake in Royalco shares, then it will be entitled to proceed to compulsory acquisition for the remaining shares, it will seek to remove Royalco from the official list of Australian Stock Exchange and it would intend to replace all non-executive Royalco Directors with nominees of Fitzroy. If it ends up controlling more than 50% but less than 90% of the Royalco shares, then it will seek the appointment of a majority of Fitzroy nominees to the Board or it may also seek to add, replace or reorganize the roles of a proportion of the members of Royalco Board of Directors to reflect the proportionate ownership interest of Fitzroy and other Royalco shareholders. Royalco's Board advised the shareholders to take no action.

As of October 28, 2016, The Board of Royalco rejected the offer due to inadequate price and other reasons and recommended the shareholders to do nothing. On December 13, 2016, Peter Topham and Associates sold 2.67 million shares to Fitzroy at the offer price. Peter Topham and Associates intend to accept the offer in respect of his remaining 3.14 million shares in the absence of a superior proposal. Bruce Pertzel, who holds 31,000 shares, also intends to accept the offer.

As of December 14, 2016, Fitzroy River amended the terms and made another bid to shareholders. As per the amended terms, Fitzroy River will pay AUD 0.2 per share. The offer will open on December 28, 2016 and will close on January 30, 2017. Fitzroy River already holds 19.9% stake in Royalco due to an acquisition on December 13, 2016. Hence, the tender offer is for 80% of Royalco. The offer in unconditional and Royalco's Board advised the shareholders to accept the offer. As of December 21, 2016, Fitzroy River Corporation filed another bidder statement which will cover shareholders effective December 14, 2016. Fitzroy River Corporation has increased its shareholding to 20.42% representing 7.48 million shares and will make tender offer for remaining shares. Peter Topham accepted the offer for his remaining shares on January 13, 2017. As of January 31, 2017, High Peak Royalties Limited (ASX:HPR) announced that it will call the annual general meeting on February 22, 2017 to consider the appointment of Directors.

The offer is expected to close on December 5, 2016. On November 25, 2016, the closing date has been extended to December 12, 2016. As of January 20, 2017 the closing date of the offer has been extended to February 13, 2017. As of January 30, 2017 the offer became unconditional. As of February 13, 2017, the closing date of the offer has been extended to February 20, 2017. As of February 20, 2017, the closing date of the offer has been extended to March 6, 2017.

Christopher Still of TC Corporate Pty Limited acted as a financial advisor, Watson Mangioni acted as a legal advisor and Taylor Collison Limited acted as the broker for Fitzroy. Baker & McKenzie acted as the legal advisor to Royalco.