Noront reaches takeover deal with Wyloo Metals, says bid superior to BHP offer

TORONTO – Noront Assets Ltd. says it has agreed to a takeover provide by Wyloo Metals Pty Ltd., placing apart a deal it signed to be acquired by BHP.

The corporate says Wyloo can pay 70 cents per share in contrast with the 55 cents per share that had been agreed to beneath the BHP provide.

Noront is creating a number of tasks within the Ring of Fireplace area in northern Ontario.

The BHP provide required greater than 50 per cent of the Noront shares not owned by BHP to be tendered to its bid. Nonetheless Wyloo, which owns a 37.25 per cent stake in Noront, stated it could not assist BHP’s provide.

Beneath the Wyloo provide, Noront shareholders have the choice to tender all or a portion of their shares. Shareholders who select to maintain their shares will proceed as shareholders within the firm going ahead.

BHP has 5 enterprise days to match Wyloo’s provide.

This report by The Canadian Press was first printed Oct. 18, 2021.

Corporations on this story: (TSXV:NOT)

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