https://www.miningweekly.com

Inova agrees to Chinese takeover

27th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The independent directors of Inova Resources have advised shareholders to accept a $160-million takeover offer from China’s Shanxi Donghui Coal Coking & Chemicals Group, subject to certain conditions.

In its target statement released on Friday, ASX- and TSX-listed Inova said that shareholders should accept the bid if the offer was declared unconditional, and if its largest shareholder, Turquoise Hill Resources, accepted the offer.

Turquoise Hill has agreed to sell an initial 14.9% of its 56.2% shareholding in Inova, at a cash price of 22c a share.

The Shanxi Donghui offer was a 55% premium to the three-month volume-weighted average price of Inova’s shares on the ASX, and a 29% premium to the share price on August 20, a day before the offer was launched.

The takeover was subject to a number of conditions, including a 51% minimum acceptance condition, as well as regulatory approval from both the Australian and Chinese regulatory bodies.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rio-Carb
Rio-Carb

Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.903s - 114pq - 2rq
Subscribe Now