Ramelius declares Breaker offer free of conditions
PERTH (miningweekly.com) – Gold miner Ramelius Resources has declared its takeover offer for fellow-listed Breaker Resources unconditional, having gained a 49.943% interest in the takeover target.
Under the terms of the all-script off-market takeover offer, Breaker shareholders would receive one Ramelius share for every 2.82 Breaker shares held, valuing the offer price at 40c a share, representing a 41% premium to Breaker’s three-day volume weighted average share price (VWAP), and a 41.5% premium to the company’s 30-day VWAP.
In its target statement, Breaker noted that the agreement with Ramelius was a ‘sensible and complementary regional consolidation’ and would bring the company’s Lake Roe gold project together with the Rebecca gold project, which is wholly owned by Ramelius.
Ramelius on Monday said that it would now accelerate the issue of the offer consideration, and has extended the offer until May 15.
The gold miner also said that it would not be improving on the current offer, unless a competing proposal arose.
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