Independent expert backs Ramelius Resources' $2.4b takeover of Spartan
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The news: Accounting firm BDO has backed gold miner Ramelius Resource’s proposed $2.4 billion takeover of rival Spartan Resources.
The numbers: In mid-March, Ramelius entered into a transaction implementation deed with Spartan to acquire each of its shares for 25 cents and about 0.7 in Ramelius shares each. At the time this put the deal value at about $2.4 billion.
Spartan shares fell 0.9% to close at $2.27 while Ramelius shares fell 0.7% to $2.93.
The context: Independent expert BDO thinks the proposed deal is “in the best interests of Spartan shareholders in the absence of a superior proposal…and that the takeover offer is fair and reasonable”, according to a Spartan announcement.
The deal is already backed by the Spartan board, which is recommending that shareholders vote in favour.
The Supreme Court of Western Australia has approved a scheme meeting to vote on the deal, which will take place on 11 July.
The source: ASX
