Producer Granges (TSE) has failed to find a buyer for the 12.7 million shares in the company owned by MIM Holdings.
The shareholding represents 37% of the issued shares in Granges and the agreement with MIM stipulated that the purchase price could not be less than $4 cash per share.
MIM can dispose of the shares at its discretion until May 23, at which time it must once again notify Granges of its intention to sell.
Granges shares were recently trading at $3.30.
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