Photo by: Bloomberg
PERTH (miningweekly.com) - The shareholders of takeover target Newcrest Mining have voted in favour of the takeover offer from NYSE- and TSX-listed Newmont Corporation.
Some 84.74% of Newcrest shareholders voted on Friday, with over 92.6% of the votes cast in favour of the A$26-billion offer.
Newcrest chairperson Peter Tomsett told shareholders that the company would now apply to the Federal Court of Australia to approve the scheme, with a hearing scheduled for October 17. If the court approves the scheme, a copy of the Court orders will be lodged with the Australian Investment and Securities Commission following which the scheme will become effective.
Under the offer, Newcrest shareholders will receive 0.4 Newmont shares for each Newcrest shares held, with Newcrest additionally permitted to pay a fully franked special pre-completion dividend of up to $1.10 a share.
The offer values Newcrest shares at A$29.27 each and implies an equity value of A$26.2-billion and an enterprise value of A$28.8-billion to Newcrest.
The offer represents a 30.4% premium to Newcrest’s undisturbed closing price of A$22.45 a share on February 3, and a 39.1% premium to the company’s undisturbed 30-day volume weighted average share price.
Newcrest has previously announced that the company will pay a special dividend of $1.10 a share if the scheme becomes effective.
Newcrest is expected to suspend share trading on the ASX, PNGX and TSX on the close of October 26.