Wyloo Metals now owns over 90 per cent of Mincor shares and is set to proceed with a compulsory acquisition of Mincor.
The takeover bid for Mincor was first launched on March 21 and is worth $760 million, with a price of $1.40 per share. Since first bidding, the Mincor board has encouraged its shareholders to accept the offer.
Mincor granted formal recommendation of offer acceptance not long after Wyloo launched its first bid.
“The Mincor directors continue to unanimously recommend that Mincor shareholders accept the offer, in the absence of a superior proposal,” Wyloo said in an announcement.
“All Mincor directors have accepted the offer in respect of all Mincor shares owned or controlled by them.”
Since March 21, Wyloo’s shares in Mincor have grown from a 19.9 per cent stake to over 90.
“This transformative acquisition will turn Wyloo into an integrated nickel producer, with high-grade nickel production from Kambalda feeding a future downstream processing plant in Kwinana,” Wyloo said in a recent announcement.
“Kambalda is set to be reinvigorated as Wyloo invests in the exploration and assessment of the Kambalda and Widgiemooltha Domes.
“Combined with its Canadian assets, Wyloo’s nickel portfolio now boasts an impressive combination of production, processing, development and exploration projects – all in the tier one jurisdictions of Australia and Canada.”
Wyloo will now seek to delist Mincor from the ASX.