VANCOUVER (miningweekly.com) – Canadian explosives maker and distributor Nordex has closed a going-private transaction with Société Anonyme d’Explosifs et de Produits Chimiques (EPC).
Nordex was amalgamated with 9867244 Canada, an indirect wholly owned subsidiary of EPC, with an effective date of August 19. The company retained the corporate name Nordex Explosives.
The Nordex board has snubbed an unsolicited offer of C$0.25 a share by Johannesburg-based Omnia Holdings, saying it believed that the EPC transactions were in the best interests of the company and its shareholders.
Under the terms of the transaction, all of the former shareholders of Nordex, other than EPC and its affiliates, will receive consideration of $0.25 in cash for each Nordex common share held on the effective date of the amalgamation.
Outstanding warrants and options to buy Nordex common shares at the effective date of the amalgamation were surrendered and cancelled.
Nordex became an indirect wholly owned subsidiary of EPC.
Trading in Nordex's TSX-V-listed common shares was halted on August 18, and an application had been made to delist its common shares. An application will also be made to cease a reporting issuer under Canadian securities laws.