PERTH (miningweekly.com) – Gold miner Northern Star has gained control of takeover target Echo Resources, taking a 59.3% stake in the company and disposing of three of the company’s independent directors and its MD.
Northern Star on Wednesday said that its own nominees, Ryan Gurner and Sarah Curnow, had been appointed to the Echo board, with the company’s incumbent nominee, nonexecutive director Alan Thom, remaining on the Echo board.
Northern Star in August launched the A$242.6-million offer for Echo, which holds the Yandal gold project, in Western Australia.
The takeover offer is set to close on October 28, with Northern Star again urging the remaining Echo shareholders to accept the offer.