25 DECEMBER 2015AlCircle.com
Metro Mining mulls acquiring Gulf Alumina
Edited by : AL CIRCLE
1 min read
Metro Mining, in a news release earlier this month, had revealed its intention to make an offer to acquire all of the shares in unlisted company Gulf Alumina Limited.
On December 2015, a bidder’s statement was lodged with the Australian Securities and Investments Commission and ASX in respect of the offer. Lately, Metro confirms it has sent the bidder’s statement to all Gulf bid class security holders.
Metro is making an off-market takeover offer of 3.3 shares in Metro for every one Gulf share. Upon successful completion of the offer, Gulf shareholders will own circa 44% of the combined Metro and Gulf groups.
Metro management considers the merging of Metro and Gulf would present better prospects for developing their adjacent projects at Skardon River than on a stand-alone basis. According to the sources close to Metro Mining and Gulf Alumina, the take-over offer will close on 15 February 2016, unless extended.
On December 2015, a bidder’s statement was lodged with the Australian Securities and Investments Commission and ASX in respect of the offer. Lately, Metro confirms it has sent the bidder’s statement to all Gulf bid class security holders.
Metro is making an off-market takeover offer of 3.3 shares in Metro for every one Gulf share. Upon successful completion of the offer, Gulf shareholders will own circa 44% of the combined Metro and Gulf groups.
Metro management considers the merging of Metro and Gulf would present better prospects for developing their adjacent projects at Skardon River than on a stand-alone basis. According to the sources close to Metro Mining and Gulf Alumina, the take-over offer will close on 15 February 2016, unless extended.
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