Gulf Board unanimously recommends Metro’s offer

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Image credit: www.metromining.com.au

Metro Mining Limited is edging closer to acquire all of the shares of Gulf Alumina which it does not already own, after the Board of Gulf endorsed the proposal in the absence of a superior offer.

Image credit: www.metromining.com.au
Image credit: www.metromining.com.au

Metro, which currently owns 39.3% of Gulf’s shares, said its offer will become unconditional upon Metro’s relevant interest in Gulf shares exceeding 51% during the Offer period.

The company’s Offer is scheduled to close on 5 December 2016.

“Metro welcomes the Gulf board recognising the compelling logic of Metro’s Offer which will create a leading independent Cape York focused Australian bauxite company listed on ASX and well positioned to deliver value for shareholders and other key stakeholders,” Metro told the ASX.

Adertisement

“The combination of Metro and Gulf’s adjoining bauxite projects was estimated to unlock over $200 million of synergies as outlined in Gulf’s independent expert report dated 13 May 2016.”