IKN

Take physic, pomp

Anglo buys Corvus

Here’s the paydirt:

AngloGold Ashanti proposes that AGAH will acquire all of the issued and outstanding Corvus shares (other than the Corvus shares currently beneficially owned by the Company) in exchange for consideration of C$4.00 per Corvus share (the “Offer Price“), payable in cash. The Offer Price represents a premium of approximately 55% to the undisturbed price of C$2.58 per Corvus share on 5 May 2021, prior to the announcement of the Loan Agreement, a premium of approximately 23% to the closing price per Corvus share prior to the submission of the Proposal and a premium of approximately 20% to the last 10-day volume weighted average price of Corvus shares on the TSX. Based upon the Offer Price, AngloGold Ashanti estimates that the total cash consideration payable to shareholders (other than AngloGold Ashanti) for the Proposed Transaction is approximately US$370 million (inclusive of payments in respect of Corvus’ outstanding options).

3 Comments

    Think they got a deal? A harbinger of M&A to come?

    Reply

    Think they got a deal? A harbinger of M&A to come?

    Reply

    The headline shouldn’t be “Anglo buys Corvus” but “Anglo offers to buy Corvus”. Seems like an opening bid.

    Corvus itself doesn’t sound too enthusiastically:
    “Management and the board of directors, in accordance with their fiduciary duties and consistent with their commitment to maximize shareholder value,
    are reviewing the proposal and have no further comment at this time, Corvus said in response to the bid.”

    Reply

Leave a Reply to Tweetie Cancel reply

Your email address will not be published.

Hello, you are not in a chatroom, you are in my living room. Opposing views and criticisms welcome, insults or urinating on furniture unwelcome. Please refrain from swearing if possible, it is not needed.