HSF, Ashurst on $1.4B Aussie Mining Deal
The combination of Independence Group and Sirius Resources would create a copper, gold and nickel miner with a total market capitalization of $2.1 billion and a handful of major projects in Western Australia.
May 26, 2015 at 08:36 PM
1 minute read
Herbert Smith Freehills and Ashurst are advising on a potential $1.4 billion takeover of Australian miner Sirius Resources by its South Perth-based peer Independence Group.
Independence, which operates gold, copper, zinc and nickel mines in Western Australia, has offered a combination of equity and cash that values Sirius at $3.41 a share. The valuation represents a 35 percent premium over Sirius' closing price on May 22.
Sirius' board of directors has recommended that shareholders vote in favor of the transaction. Australian mining investor Mark Creasy, who controls about 35 percent of Sirius, has said he supports the deal. The shareholder vote will take place in August.
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