Coda declares Torrens bid unconditional
PERTH (miningweekly.com) – ASX-listed Coda Minerals has declared its off-market takeover offer for fellow-listed Torrens Mining to be unconditional.
Coda and Torrens in February announced a merger agreement to create a leading South Australia-focused base and precious metals exploration company.
Coda is offering 0.23 of its own shares for every Torrens share held, valuing Torrens shares at 20.2c each, representing a 30% premium to the company’s last closing price, and to its ten-day volume weighted average share price.
Coda currently has an 80.84% interest in Torrens, and the Torrens directors have unanimously recommended that shareholders should accept the takeover offer, in the absence of a superior proposal.
The takeover offer is set to close on April 20, unless extended.
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