NRW's offer for Primero reaches peak

16th February 2021 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed NRW Holdings will start with the compulsory acquisition of the remaining shares in takeover target Primero Group, after obtaining a 98.43% interest in the company.

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 will close on February 19, and trading of Primero shares will be suspended on the ASX within the next five days.

Primero’s remaining shareholders have been urged to accept the NRW offer before the close of the offer period, as they would receive their consideration sooner than through the compulsory acquisition process, which could take between four to six weeks.