MAC Copper shares rocket 20% after Harmony Gold takeover offer
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The news: MAC Copper shares soared after the miner confirmed after market close on Tuesday that its board had unanimously accepted a $1.6 billion takeover offer by South Africa's Harmony Gold.
The numbers: MAC Copper shares were up 20.6% to $18.70 at 1pm AEST. That brought its share price closer to Harmony Gold's offer of $18.93 per share, which had represented a 21.1% premium on the stock's prior trading price of $15.51.
The context: The deal has already been unanimously accepted by MAC’s board, representing 2.4% of shareholder votes. A further 20.1% of votes collectively held by other investors are also already in favour of the scheme.
Completion of the deal is subject to approval from Australia's Foreign Investment Review Board and the South African Reserve Bank, as well as existing streaming arrangements with Osisko Bermuda and the royalty with Glencore operations.
