Platinum group metals (PGMs) miner Impala Platinum (Implats) has extended the long-stop date to its mandatory offer to acquire all outstanding shares it does not already own in fellow PGMs miner Royal Bafokeng Platinum (RBPlat) to November 22 to meet the conditions precedent to the offer.
The long-stop date is being extended owing to competition-related conditions precedent that are currently outstanding – an extension consented to by the Takeover Regulation Panel.
Implats reports that it is taking all reasonable steps to ensure the Competition Tribunal process is completed as expeditiously as possible.
As such, the offer is now set to become wholly unconditional by November 3, and RBPlat shareholders will have until November 15 to trade in their shares by means of participating in the offer and until November 18 to accept Implats’ offer.
The results of the offer are now set to be announced on November 21.
Implats currently holds 39.19% of the RBPlat shares in issue.