Azure shares rocket to offer price
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More news: Shares in acquisition target Azure Minerals have leapt to $3.50 after trading resumed for the first time since Friday while the board mulled a takeover offer. Shares closed at $2.44 on Friday, and the new price aligns with buyer SQM Australia's cash offer of $3.50 per share, which is a contingency if shareholders say no to the takeover offer of $3.52 per share.
SQM to buy battery metals miner Azure for $1.63b
The news: SQM Australia will buy up 100% of critical metals miner Azure Minerals' shares for roughly $1.63 billion at a share price premium get the deal over the line.
The numbers: SQM, a wholly owned subsidiary of Sociedad Química y Minera de Chile, is offering $3.52 per share. The offer represents a 44% premium to AZS's last trading price of $2.44 at Friday's close before trading was halted on Monday. SQM is simultaneously putting forward a conditional cash market takeover offer of $3.50 per share if the scheme is unsuccessful. Azure's board is unanimously recommending the deal. In mid-June, Azure shares were selling for 62.5 cents.
The context: Azure has already knocked-back a $2.31 per share takeover offer from SQM, which owns slightly less than 20% of the miner, according to The Australian. Massive growth in the battery technology industry is feeding consolidation and deals in the critical minerals mining sector, as big players try to lock in future growth.
The sources: ASX Announcement, The Australian
