Bacanora Lithium PLC - developer of Sonora lithium project in Mexico - Confirms that final outstanding pre-condition for firm takeover offer for Bacanora by Ganfeng International Trading (Shanghai) Ltd has been satisfied. Therefore announces the two have reached agreement on recommended cash offer worth 73.6 pence per Bacanora share, made up of 67.5p in cash and 0.23589 Zinnwald shares. Acquisition values Bacanora as a whole at GBP284.8 million, a premium of 63% to closing price of 45p on May 5, being last date prior to start of offer period.
"We are pleased that Bacanora and Ganfeng have been able to work together efficiently to satisfy the pre-conditions and reach an agreement on the terms of a formal offer...In addition, we are pleased to have agreed that Bacanora shareholders will maintain an exposure to the lithium industry by retaining an interest in a highly prospective quoted lithium project, through the Zinnwald distribution," says Bacanora Chair Mark Hohnen.
Current stock price: 67.00p, up 20% on Wednesday
Year-to-date change: up 4.7%
By Lucy Heming;Â lucyheming@alliancenews.com
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