05 FEBRUARY 2016www.proactiveinvestors.com.au
Metro Mining extends takeover offer period for Gulf Alumina
Edited by : AL CIRCLE
1 min read
Metro Mining has extended the takeover offer period for Gulf Alumina Limited by one month to the 15th March 2016.
Metro’s offer opened on Christmas Eve 2015, and is progressing in parallel as the company rapidly advancing its own project.
The details of the offer include: 3.3 Metro shares for every 1 Gulf share; Ownership Outcome Under Offer 56 per cent Metro / 44 per cent Gulf; Minimum 50.1 per cent acceptance.
The merger would create a much larger independent Cape York bauxite company with enhanced market relevance, and would effectively double the reserve base of circa 96 million tonnes.
The new entity would also realise significant operational synergies, such as economies of scale and enhanced financing capability given improved economics and enhanced investor appeal.
Metro’s offer opened on Christmas Eve 2015, and is progressing in parallel as the company rapidly advancing its own project.
The details of the offer include: 3.3 Metro shares for every 1 Gulf share; Ownership Outcome Under Offer 56 per cent Metro / 44 per cent Gulf; Minimum 50.1 per cent acceptance.
The merger would create a much larger independent Cape York bauxite company with enhanced market relevance, and would effectively double the reserve base of circa 96 million tonnes.
The new entity would also realise significant operational synergies, such as economies of scale and enhanced financing capability given improved economics and enhanced investor appeal.
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