6th Oct 2015 07:36
LONDON (Alliance News) - Shares in Aquarius Platinum Ltd surged higher on Tuesday morning after the company said it has recommended a takeover bid from Sibanye Gold Ltd, a privately-owned South African mining group.
Sibanye has made an offer of USD0.195 per share for Aquarius, or around 12.9 pence per share. The price is a 60% premium to Aquarius' closing price on Monday and a 71% premium to its volume-weighted average share price for the 30 days prior to the deal.
The offer values Aquarius at around GBP194.2 million.
Shares in the company rocketed on the news, up 47% to 11.8375 pence to be very comfortably the best performer in the FTSE All-Share.
Nigel Rudd, the chairman of Aquarius, said the board of the company has "unanimously recommended the proposal subject to an independent expert determining that the proposal is fair and reasonable and in the best interests of Aquarius' shareholders and subject to no superior proposal emerging."
By Sam Unsted; [email protected]; @SamUAtAlliance
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