The A$900 million market cap. Anvil Mining (ASX: AVM, TSX: AVM) has entered into a binding agreement with Minmetals Resources (HKG: 1208) to be acquired.
The terms of the agreement make an offer to purchase all common shares of Anvil by way of a friendly take-over bid at a price of C$8.00 per share in cash.
Anvil said that the company received proposals from a number of potential parties expressing an interest in acquiring Anvil.
After reviewing such proposals and consulting with its financial and legal advisors, Anvil’s board concluded that the offer from Minmetals is in the best interest of shareholders, and unanimously recommended the offer.
Minmetals has also entered into a lockup agreement with all of the Corporation’s directors
and senior officers and with Trafigura Beheer B.V., Anvil’s largest shareholder, who together hold in aggregate 40.1% of the outstanding shares, on a fully diluted basis.