Xstrata extends closing date for US$383m Sphere offer
- Publishing Date
- 27 Sep 2010 11:43am GMT
- Author
- Mining Journal
Xstrata plc has extended its offer for ASX-listed, Sphere Minerals Ltd by two weeks to October 19, having received only a small amount of acceptances from shareholders so far.
The company has kept the value of the cash offer at the same A$2.50/share announced on August 24, valuing Sphere at A$428 million (US$383 million). At the time the offer represented a 61% premium to the previous day’s closing price.
According to Monday’s extension announcement, Xstrata has received total acceptances representing 6.95% of the shares in issue, compared with the 5.46% directors had already agreed to tender when the offer document was submitted.
The offer is dependent on acceptances of 90% or more of Sphere’s shares.
Sphere has three iron-ore assets in
Another Mauratanian mining acquisition closed recently, after Kinross Gold Corp completed the US$7.1 billion acquisition of Red Back Mining Inc.
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