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EganStreet offer nearing its end

28th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Silver Lake Resources has started the compulsory acquisition of takeover target EganStreet Resources' remaining shares after gaining a 90.99% interest in the company.

Silver Lake has urged the remaining EganStreet shareholders to accept its takeover offer, which will close on December 13.

Silver Lake in August this year launched a A$52-million takeover for EganStreet, offering its shareholders 0.27 of its own shares for every EganStreet share held, valuing EganStreet shares at 40c each.

The company in November increased the offer consideration to 0.40 Silver Lake shares for every EganStreet share held, with the miner on Wednesday saying that it would increase this offer consideration to 0.431 Silver Lake shares for every EganStreet share if the company obtained a 38% interest before the end of business on December 13.

Edited by Creamer Media Reporter

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