Fusedale’s offer, announced in October, was previously due to close on December 4.
New South Wales coking coal producer Gujarat NRE Minerals made the first move for Rey, launching its takeover offer back in June, with the cash option of the bid at 9c per Rey share.
Gujarat’s offer ends on Christmas Eve, unless the company extends the bid again.
Rey’s directors have rejected both offers.
The ongoing prefeasibility study for Rey’s Canning Basin project is expected to be complete by year-end.
Rey aims to start open cut thermal coal project in 2012, with coal to be trucked 180 kilometres from the project site in a 2 million tonne per annum export operation.
In June, Rey upgraded the project’s resources to 511Mt, including 35.2Mt measured, 143.5Mt indicated and 331.5Mt inferred.
Rey shares shed 0.5c to 18.5c this morning.
