11th Dec 2018 08:51
LONDON (Alliance News) - RHI Magnesita NV said Tuesday it received valid acceptances for about 70% of shares from its integrated tender offer for its Brazilian arm, Magnesita Refratarios SA, paying about GBP71 million.
The 17.6 million valid acceptances represent about 35% of the refractory products supplier's total share capital.
RHI Magnesita offered the option between a cash only offer or cash plus shares of RHI Magnesita.
Only 40 of the shareholders who accepted the offer elected to receive the cash only consideration. RHI Magnesita will pay BRL350 million, about GBP71 million, to Magnesita Refratarios shareholders and issue 3.5 million new shares.
An application will be made for the new shares to be admitted to London's Main Market from Monday next week.
RHI Magnesita said it will begin de-listing Magnesita Refratarios shares from the Brazilian Stock Exchange, Brasil Bolsa Balcao.
RHI Magnesita said shareholders who have not yet accepted the integrated offer have three months, under Brazilian law, to participate.
Shares in RHI Magnesita were down 1.1% Tuesday morning at 3,350.00 pence each.
Related Shares:
RHI Magnesita