The takeover saga and associated war of words started back in June 2009, with Gujarat’s offer consisting of one Gujarat share for every five shares.
Later offers added a cash option of 9c per Rey share.
Rey’s directors were never enthusiastic on the offers, which will now end on August 3.
Rey said its shares were still above 9c despite the volatile equities markets.
The junior also said its shares were a premium to the scrip-based offer over one, three and six-month periods.
Gujarat’s stake in the explorer was estimated to be around 12% by Rey.
The explorer said Gujarat’s stake was 16.6% when the takeover was first launched, but this was diluted by Rey’s capital raising in October of 20c per share.
Rey’s Canning Basin coal project aims to start mining through an initial 2 million tonnes per annum highwall operation, while there are bord and pillar along with longwall mining options for further development.
Rey shares closed up half a cent to 11c on Friday.
