In today’s briefing:
- Northern Star’s A$5bn Tilt for De Grey (DEG AU)
- Northern Star (NST AU) To Acquire De Grey Mining (DEG AU): Offer Details & Index Flow
Northern Star’s A$5bn Tilt for De Grey (DEG AU)
- De Grey Mining (DEG AU), which boasts one of Australia’s largest undeveloped gold projects, has announced a merger, by way of Scheme, with Northern Star Resources (NST AU).
- Northern Star is offering 0.119 new shares for every De Grey share, and will hold ~80.1% of the combined entity, with De Grey shareholders the remaining ~19.9%.
- Terms back out an implied price of A$2.08/share, or a ~37% premium to last close. This Offer has the unanimous backing of both boards.
Northern Star (NST AU) To Acquire De Grey Mining (DEG AU): Offer Details & Index Flow
- Northern Star Resources (NST AU) has agreed to acquire De Grey Mining (DEG AU) by way of a Scheme of Arrangement in an all-stock deal.
- De Grey Mining (DEG AU) shareholders will receive 0.119 Northern Star Resources (NST AU) shares for each De Grey share held. That implies a 37.1% premium to the last close.
- There will be passive buying in Northern Star Resources (NST AU) at the time of merger completion, though there could be selling from some existing De Grey Mining (DEG) shareholders.
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