De Grey shares to be suspended as Northern Star completes buyout
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The news: Shares in De Grey Mining will be suspended from trading on the ASX later today after the gold miner lodged a copy of the Federal Court's orders — which approve the company's acquisition by larger rival Northern Star Resources — with the Australian Securities and Investments Commission.
The numbers: De Grey shares were down 4.4% to $2.61 at 10:30am AEST. Northern Star shares fell 5.2% to $21.81. Both tracked a broad selloff among gold producers.
The context: De Grey's board unanimously backed the $5 billion takeover offer in December.
The source: ASX
