28 August 2013 16:10 [Source: ICIS news]
LONDON (ICIS)--Australia-based potash exploration firm Elemental Minerals has received a formal takeover bid from Hong Kong-listed investment holding Dingyi Group, it said on Wednesday.
Under the offer, Dingyi would buy all of Elemental’s ordinary shares for Australian dollar (A$) 0.66/share, representing a 52% premium to Elemental’s volume-weighted average price over the 20 days prior to 27 August, Dingyi said in its “bidder statement”.
Elemental’s shares were up 16% to A$0.50/share on the Australian Stock Exchange on Wednesday, for a market capitalisation of A$145.7m ($130.1m), according to information on the company’s website.
Elemental is planning to develop a potash project in the ?xml:namespace>
Dingyi is an investment company controlled by Li Kwong Yuk, a Chinese entrepreneur who has a range of business interests, primarily in Hong Kong and mainland
($1 = A$1.12)
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