RBPlat's shares rise on buyout offer from Implats
Platinum group metals (PGMs) miner Royal Bafokeng Platinum's (RBPlat's) share price on the JSE rose by more than 23% on Wednesday morning after shareholders were informed that fellow PGMs miner Impala Platinum (Implats) had made a nonbinding indicative proposal to acquire RBPlat.
RBPlat and Implats noted in a joint cautionary announcement to shareholders that the parties had completed a reciprocal due diligence exercise and were progressing a proposed transaction implementation agreement.
Shareholders would be kept informed of developments in this regard, the miners said.
Should the acquisition be concluded, RBPlat, which is led by CEO Steve Phiri, would be delisted from the JSE.
RBPlat's share price rose to R117.20 early on Wednesday, compared with Tuesday's close of R94.80.
RBPlat's operations include the Bafokeng Rasimone platinum mine (BRPM), the Styldrift mine, the BRPM Concentrator complex and the Maseve concentrator plant in Rustenburg, in the North West.
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