MAC Copper shareholders approve $1.6b acquisition by Harmony Gold
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The news: MAC Copper's shareholders have voted through the copper miner's proposed $1.6 billion acquisition by South Africa-based Harmony Gold.
The numbers: At a court-ordered meeting, 87.5% of votes cast by scheme shareholders supported the resolution. About 97.84% of votes cast by MAC shareholders at the company's general meeting were then in favour of the relevant resolutions.
The context: Dual-listed MAC Copper will now apply for the Royal Court of Jersey for orders sanctioning the scheme implementation deed at a court sanction hearing scheduled for 9 October.
If the scheme is sanctioned by the court, MAC shares are expected to be suspended from trading on the NYSE on 10 October and suspended from quotation on the ASX on 13 October.
In May, MAC Copper entered a binding scheme implementation deed with Harmony to be acquired for USD12.25 ($18.93) cash per share, a 22.1% premium on the undisturbed close price on the ASX of $15.51 on 26 May.
The source: ASX
