Norton accepts Zijin bid
PERTH (miningweekly.com) – The board of gold miner Norton Gold Fields has signed a binding scheme implementation agreement with major shareholder Zijin Mining, allowing the Chinese group to acquire all the issued securities of Norton that it did not already own.
Earlier this month, Zijin launched a takeover offer for Norton, offering shareholders 20c a share in cash.
The offer price represented a 42.9% premium to the closing price of Norton shares on January 9, and a 54.7% premium to the one-month volume weighted average price.
Norton said that independent directors had considered the proposal and had found it to be in the best interest of shareholders, in the absence of a superior proposal. The independent directors have indicated that they would vote in favour of the offer.
Zijin currently holds an 82.43% interest in Norton.
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