Australia's Medusa says Crosby offer inadequate

Anglo-Australian gold miner Medusa Mining Ltd on Tuesday described as "inadequate" a A$182m ($154.6m) takeover offer by Hong Kong-based merchant bank Crosby Capital.

"The Medusa board has conducted an initial review of the proposed offer and believes that the offer is inadequate and opportunistic," Medusa said in a statement to the Australian stock exchange. "Shareholders are advised to take no action." Last week, Crosby said it planned to offer A$1.15 per share in cash for Medusa, which closed on Monday at A$1.06.

By Mark Bendeich, Reuters