Northern Star starts compulsory acquisition
PERTH (miningweekly.com) – Gold miner Northern Star Resources will exercise its compulsory acquisition right for the remaining shares in takeover target Echo Resources, after gaining a relevant interest of more than 90% in the fellow-listed company.
Northern Star in August launched the A$242.6-million offer for Echo, which holds the Yandal gold project, in Western Australia. The gold miner offered Echo shareholders 33c a share for their interest in the junior miner.
Northern Star has urged the remaining Echo shareholders to accept the offer by the close of business on November 11, saying that it would not be increased or extended beyond this point.
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