Northern Star to seal $5b De Grey buyout after court approval
Make us a preferred source
Make us a preferred source on Google
The news: Northern Star Resources' proposed buyout of fellow gold miner De Grey has been approved by the Federal Court.
The numbers: Northern Star shares were up 2.9% to $23 at 2:45pm AEST. De Grey shares climbed 3.2% to $2.73.
The context: De Grey intends to lodge a copy of the court's orders with the Australian Securities and Investments Commission on Wednesday, at which point the scheme of arrangement will become legally effective. De Grey shares will then be suspended from trading on the ASX from the close of trading.
De Grey's board unanimously backed the $5 billion takeover offer in December.
Last week, rival gold miner and major De Grey shareholder Gold Road Resources also said it would support the deal.
The source: ASX
