London–Gemfields biggest investor has made an unsolicited offer to buy out the remaining shares of the company but the miner’s board said it has advised sharelders not to take action yet.
London-based private equity firm Pallinghurst Resources Ltd. has offered to buy the 53 percent of Gemfields it doesn’t already own for about $145.2 million.
Gemfields said in a company statement that Pallinghurst has not engaged with it regarding the unsolicited offer and that its independent board is reviewing the offer with its advisers.
Read more : nationaljeweler.com
JOHANNESBURG (miningweekly.com) – Johannesburg-listed Pallinghurst Resourceson Wednesday confirmed the closing of acceptances for its acquisition of coloured gemstones mining and marketing company Gemfields.
Pallinghurst had received valid acceptances for 334.5-million Gemfields shares, which represented about 59.75% of its existing issued share capital.
Read more : miningweekly.com
Gemfields’ (LON:GEM) largest investor Pallinghurst said Monday it has received support from 96% of its shareholders to buy remaining interest in the world’s top coloured gems producer.
Gemfields says Pallinghurst’s offer undervalues the company and its prospects as a leading player in the sector.
The London-listed miner told investors it still believes Pallinghurst’s bid “undervalues Gemfields and its prospects as a leading player in the coloured gemstone sector,” and call shareholders to take no action on the offer, which remains open until July 18.
Read more : mining.com