Austral Resources Australia (ASX: AR1) will proceed with a proposed takeover of Hammer Metals (ASX: HMX) after competing suitor Larvotto Resources (ASX: LRV) withdrew its right to submit a counteroffer. Major Hammer shareholders — who collectively control 141 million shares or 16% of the company — have confirmed they will vote in favour of the takeover. Scheme ConsiderationAustral’s scheme consideration provides Hammer shareholders with a total implied value of $0.087 per Hammer share comprising 1.2903 Austral shares for each Hammer share held. Premium Offer PriceAustral’s bid reflects a premium of 29.4% to the implied offer price of $0.067 per Hammer share under Larvotto’s proposal. “Together, Austral Resources and Hammer will create a stronger platform to pursue our ambition of becoming Australia’s next mid-tier copper powerhouse.”