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Sierra Rutile goes with Lenoil offer, pays break fee to Gemcorp

29th July 2024

By: Creamer Media Reporter

     

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Gemcorp Commodities will not go ahead with its proposed takeover of Sierra Rutile and has terminated its bid implementation agreement. This releases the suitor from making an offer for the Africa-focused mineral sands miner.

This comes as Sierra Rutile last week advised that it had entered into a bid implementation agreement with Lenoil Company, under which the company offered to acquire the remaining shares in Sierra Rutile.

Sierra Rutile's directors unanimously recommended that shareholders accept the Lenoil offer, noting that it was higher than any other offers received.

Sierra Rutile has paid a $400 000 target break fee to Gemcorp.

The Lenoil cash offer of A$0.18 a share represents a 12.5% premium to the A$0.16-a-share offer price from Gemcorp, announced on July 1. The offer consideration is also a 90% premium to the A$0.095-a-share offer price of the PRM on-market takeover bid announced in March.

The PRM offer closes on July 31.

Edited by Creamer Media Reporter

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