Takeover target Essential metals has called a shareholder meeting on October 18 to vote on the takeover offer from fellow listed Develop Global. The two companies in July this year entered into a binding scheme of implementation deed under which Develop would acquire Essential, offering shareholders one new Develop share for every 6.18 Essential shares held.
PERTH – Takeover target Essential Metals has called a shareholder meeting on October 18 to vote on the takeover offer from fellow listed Develop Global.
The offer values Essential at around A$152.6-million, and placed a value of 56c a share on Essential’s share price. This implied a premium of 34.9% to Essential’s last closing price and a 30.8% premium to the company’s 20-day volume weighted average share price.
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