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Sphere Minerals Announces Recommended A$2.50/Share Cash Offer From Xstrata - Quick Facts
(RTTNews) - Sphere Minerals Ltd. announced an recommended all-cash offer from Sidero Pty Ltd., a wholly owned subsidiary of Xstrata plc (XTA.L), to acquire all of its issued and outstanding shares for A$2.50 per share.
Sphere noted that the off-market takeover offer by Xstrata values company at approximately A$428 million or US$383 million.
This offer represents a 61% premium over Sphere's closing price of A$1.55 per Sphere share on the Australian Securities Exchange on August 23, 2010 and a 73% premium over the volume weighted average price of Sphere shares over the last 30 trading days on the ASX.
Sphere said its Board concluded that Xstrata's Offer represents the best opportunity for shareholders to maximise the value of their investment. Xstrata plans to finance this offer through existing credit facilities and cash on hand.
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