Another Australian company is moving forward with a takeover bid for Noront Resources, with a cash offer for all outstanding and issued shares of the Canadian company.
Noront’s board of directors is recommending shareholders accept the offer from BHP, which would pay 55 cents cash for each share.
This is the second Noront takeover bid by an Australian company this year. In May, Wyloo Metals offered 31.5 cents cash for Noront shares.
“This transaction provides a significant premium to Wyloo’s indicative offer, and crystallizes immediate and certain value through an all-cash offer,” Noront CEO Alan Coutts said in a statement.
“After careful consideration, Noront’s board of directors, with input from its financial and legal advisers and the special committee, determined this offer is in the best interests of the company and shareholders.
For the rest of this article and an interview with Noront CEO Alan Coutts and Mining Columnist Stan Sudol: https://www.cbc.ca/news/canada/thunder-bay/thunder-bay-noront-takeover-1.6119043