Vault Minerals shares climb after receiving superior takeover offer
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More news: Shares in Vault Minerals rallied in early trade after the gold producer, formed by the 2024 merger of Red 5 and Silver Lake Resources, received a superior $5.6 billion takeover bid from Genesis Minerals, trumping an earlier offer from Regis Resources.
Shares surged 12.2% to $5.12 at 11:32am AEST.
Genesis Resources lobs superior $5.6b bid to block Regis Resources takeover of Vault Minerals
The news: Genesis Resources has lobbed an unsolicited binding proposal to acquire Vault Minerals at a valuation of $5.6 billion, which is a superior proposal to the Regis Resources offer of about $4.7 billion.
The numbers: The offer would consist of 0.7629 Genesis shares and $0.475 in cash per Vault share, which at market close on 3 July was worth about $5.274 per share.
Vault said this is 14.5% more than the implied offer price of $4.61 under the scheme with Regis based on the last close price for Regis Resources of $6.63 on 3 July.
The context: The Genesis proposal will consist of a mix and match facility, which would allow shareholders to opt for more or less cash or scrip up to a maximum of aggregate cash consideration of about $500 million and scrip consideration of about 803.4 million.
The Genesis bid is not subject to financing or due diligence conditions and is otherwise on substantially similar terms as the Regis deal.
