Energy Fuels’ acquisition of Australian Strategic Materials pushed back to August
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The news: Nasdaq-listed Energy Fuels’ all-scrip acquisition of ASX-listed Australian Strategic Materials (ASM) is now expected to be completed before the end of August to allow time to prepare a supplementary scheme booklet following a series of significant announcements.
The context: ASM expects to distribute a shareholder vote on the scheme will be held in early to mid-August, according to ASM, with subsequent implementation expected before the end of August.
The shareholder vote on the scheme was initially planned for 22 June, but it was postponed after Energy Fuels secured a conditional USD725 million financing commitment from the US Office of Strategic Capital.
Energy Fuels also announced on Tuesday that it had entered an agreement to acquire German magnet maker Vacuumschmelze in a USD1.9 billion cash and scrip deal.
ASM directors continue to unanimously recommend that securityholders vote in favour of the scheme in the absence of a superior proposal and the independent expert maintaining it is in their best interest.
The source: ASX
