China's Zijin Mining to acquire Australia's Indophil Resources for $500 million
01 Dec 2009
China's largest gold producer Zijin Mining Group has launched a bid to acquire Australia's copper and gold miner Indophil Resources for approximately A$545 million ($500 million).
Shanghang County, Fujian province-based Zijin and also China's third largest copper producer will make a cash offer of A$1.28 cash per share, an 18 per cent premium to Indophil's last closing share price on 26 November 2009.
Indophil Resources has agreed the terms of the takeover offer by Zijin and Indophil's directors have resolved to unanimously recommend that shareholders accept the offer, in the absence of a superior proposal.
Indophil said that its directors will accept the offer for their own holdings of Indophil within 14 days from the commencement of the offer, in the absence of a superior proposal.
Melbourne, Australia-based Indophil Resources is a publicly-listed company, incorporated in 1996, and specialises in acquiring, exploring for and developing gold and copper-gold in the Asia-Pacific region.
Its focus has been the development of its $5.2-billion Tampakan copper-gold project in the southern Philippines.