Latest news with #VaresProject
Reuters
2 days ago
- Business
- Reuters
Canada's Dundee Precious to buy UK's Adriatic Metals in $1.25 billion deal
June 13 (Reuters) - Canada's Dundee Precious Metals will acquire UK's Adriatic Metals (ADT1.L), opens new tab in a cash-and-stock deal valued at $1.25 billion, the companies said on Friday, marking the latest in a string of foreign takeovers of UK firms. The proposed transaction comes amid a growing wave of acquisitions targeting UK-based firms, with more than 30 bids exceeding 100 million pounds announced so far this year, up from 26 during the same period last year. Toronto-listed Dundee is offering 268 pence per Adriatic share in a cash-and-stock deal, consisting of 93 pence in cash and 0.1590 new Dundee shares for each Adriatic share, a 50.5% premium to Adriatic's closing price on May 19. Dundee said the combined group will strengthen operations through an "attractive production, mineral reserve and mineral resource base and a compelling metal mix." "The Vareš is a logical fit with our portfolio, and adds near-term production growth and mine life, a highly prospective land package, and cash flow diversification," Dundee CEO David Rae said in a statement. Dundee, a gold miner with operations in Bulgaria and Namibia, is acquiring London-listed Adriatic, which is currently developing the Vares silver project in Bosnia and Herzegovina.
Bloomberg
2 days ago
- Business
- Bloomberg
Dundee Precious Agrees to Buy Adriatic Metals for $1.25 Billion
Dundee Precious Metals Inc. agreed to buy Adriatic Metals Plc, which operates the Vares silver project in Bosnia and Herzegovina, for about $1.25 billion. The cash and share offer values Adriatic at 268 pence, which is a premium of about 51% to where the company's stock was trading before takeover talks were announced last month, Dundee said in a statement on Friday.
