Kangaroo shares jump on deal
PERTH (miningweekly.com) – The share price of junior Kangaroo Resources surged by more than 40% on Friday on news of a takeover offer from major shareholder PT Bayan Resources.
Kangaroo on Friday reported that it had entered into a binding scheme implementation agreement with PT Bayan under which the shareholder would acquire the remaining shares in Kangaroo for 15c each.
PT Bayan currently holds a 56.05% interest in Kangaroo, which is developing thermal coal projects in Indonesia.
Kangaroo’s independent directors have unanimously recommended the takeover offer, in the absence of a superior proposal, telling shareholders that the offer price represented a 275% premium to the company’s closing price on May 4, which was the last trading day before the company flagged a potential takeover transaction.
The 15c a share offer also represented a 615% premium to the three-month volume weighted average price of Kangaroo shares on the ASX.
The takeover offer is subject to a number of conditions, including minority shareholder approvals, Australian Foreign Investment Review Board and court approvals, and an independent expert finding the offer to be in the best interest of shareholders.
Kangaroo shares were trading at a high of 13.5c a share on Friday, up from a low of 12c a share.
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