PERTH (miningweekly.com) – French company Eramet has declared its takeover offer for joint venture partner Mineral Deposits (MDL) unconditional.
Eramet on Thursday maintained its offer price of A$1.75 a share in cash for each MDL share held, noting that it has already obtained a 14.23% shareholding in the takeover target, and 24.49% in acceptance instructions.
With the offer now being declared unconditional, MDL shareholders who accept the offer will be paid their cash consideration within seven business days.
MDL has previously urged shareholders to reject the offer, saying it was below an independent expert’s evaluation of between A$2.04 a share and A$2.52 a share.
Eramet on Thursday said that it will not be increasing its cash offer for MDL, with the offer period set to close on July 13.