TORONTO – M&G Investment Management, the biggest shareholder in Dalradian Resources, said on Thursday it was supportive of a friendly cash takeover offer for Dalradian from private equity group Orion Mine Finance.
The C$1.47 a share offer is fair, Jamie Horvat, director of global equities at M&G, told Reuters. M&G owns 12.8% of Dalradian.
The transaction also has the support of Blackrock, which owns approximately 10.7% of Dalradian, Dalradian said in a statement.
The offer by Orion, a private equity mining firm based in New York, represents a 62% premium to Dalradian shares at close on June 20. The miner has a high-grade gold project in Northern Ireland.