MAC Copper shareholders to vote on Harmony Gold takeover in late August
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The news: Shareholders of miner MAC Copper are due to vote on a proposed takeover, which implies a fully diluted equity value of about $1.6 billion, from South Africa-based Harmony Gold on 29 August.
The numbers: 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 context: The board, which collectively represent a 2.4% interest, unanimously recommends that MAC Copper shareholders accept the deal.
When the deal was announced, several key shareholders that together hold or control 20.1% of MAC’s fully paid ordinary shares confirmed with the copper miner that they would vote in favour of the scheme. This includes Fourth Sail, Osisko,Sprott, Victor Smorgon and Bluescape.
MAC also announced that it has entered into the restructuring documents with Harmony, OR Royalties and Glencore as a part of the transaction conditions.
The voting record date for the scheme meeting is 29 July and a scheme circular will be dispatched on 4 August.
The source: ASX
