PERTH (miningweekly.com) – Mining contractor NRW has extended its takeover offer period for vertically integrated engineering design, construction and operational services provider Primero Group until February.
NRW last year launched a takeover offer for Primero, offering shareholders 27.5c in cash and 0.106 NRW shares for each Primero share held, implying a value of 55c each for Primero’s share, or a total offer value of A$100-million.
The offer price represented a 14.6% premium to Primero’s closing price on November 23, and a 30.1% premium to its 30-day volume weighted average share price.
The suitor on Friday said that it had so far obtained a relevant interest of 80.35% in Primero, and had urged the remaining shareholders to accept the offer.
NRW previously told shareholders that the acquisition of Primero aligned with the company’s strategic growth plans as its core competencies were complementary to NRW’s strategic renamed minerals, energy and technologies platform.