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Andromeda waives conditions for Minotaur deal

7th February 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Andromeda Metals has declared its off-market takeover offer for fellow listed Minotaur Exploration to be unconditional.

The two companies in December announced a merger to create an Australian kaolin/halloysite and technology company, consolidating ownership of the Great White kaolin project, in South Australia.

Under the terms of the agreement struck this week, Andromeda would acquire Minotaur through a unanimously recommended off-market takeover offer, offering 1.15 of its own shares for every one Minotaur share held.

Following the transaction, Minotaur shareholders would hold a 19.5% interest in the enlarged Andromeda, with Andromeda expected to have a market capitalisation of A$552-million.

With the offer now declared unconditional, Minotaur shareholders have been urged to accept the offer, which closes on February 25. Andromeda currently holds a 79.16% interest in Minotaur.

Edited by Creamer Media Reporter

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