PERTH (miningweekly.com) – Suitor TerraCom has gained a 66% interest in the voting rights of takeover target Universal Coal.
“We have been overwhelmed with acceptances as our offer comes to a close this week. TerraCom sought to provide Universal security holders with the opportunity to consider the investment proposition of a stronger merged group and the Universal register has spoken with their acceptance,” said TerraCom deputy chairperson Craig Ransley.
TerraCom is offering 10c in cash and 0.6026 new TerraCom shares for each Universal share held, valuing the takeover target’s shares at 33.5c each.
The takeover offer is slated to close on March 25.