Austral Resources Australia (ASX: AR1) has submitted a definitive written and binding proposal to acquire Hammer Metals (ASX: HMX) through a scheme of arrangement, with Hammer board unanimously determining that the offer is superior to its existing transaction with Larvotto Resources (ASX: LRV). If implemented, the transaction would combine Austral’s Queensland copper production and processing infrastructure with Hammer’s regional resource base and exploration portfolio. Larvotto now has a five-business-day matching period, during which Hammer cannot enter a definitive agreement with Austral. The Austral proposal is not subject to financing or due diligence conditions, although implementation remains conditional on Hammer shareholder and court approvals, a favourable independent expert conclusion, regulatory clearances, and completion of the SpinCo demerger. There is currently no binding agreement between Austral and Hammer, and completion is not assured despite Hammer’s board having classified Austral’s proposal as superior.