Semafo sweetens Orbis Gold offer
TORONTO (miningweekly.com) – ASX-listed Orbis Gold’s board on Wednesday unanimously recommended that shareholders accept a sweetened offer by Canada’s Semafo, under which Orbis shareholders would be offered A$0.713 cash a share held.
This was an improvement form the original A$0.65-a-share offer.
Orbis directors, who together represented about 2.8% of Orbis’ shares, had committed to accept the revised offer, while shareholders representing about 62.2% of Orbis, including major shareholder DGR Global, had indicated their intention to accept the revised offer.
The closing date for the revised offer is February 20.
Semafo said it would declare the revised offer unconditional as soon as practicable after it had secured valid acceptances of more than 50.1% of Orbis shares.
The revised offer was Semafo's best and final offer, which meant that, subject to no competing proposal emerging, the company would not increase the offer price again.
Orbis directors in October rejected the takeover offer by Semafo, saying the $0.65-a-share cash offer undervalued the company, believing that the takeover offer did not factor in the significant near-term growth prospects available to the company, particularly in the wake of an updated scoping study on the flagship Natougou gold project, in Burkina Faso.
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