In a takeover move, Westmin Resources (WMI-T) has acquired Gibraltar Mines (GBM-T) by buying some 30.6 million (92.4%) of its outstanding common shares.
The deal is worth an estimated $307 million.
Westmin will acquire all Gibraltar shares for $8.85 per share and exercise its statutory right to acquire all Gibraltar shares not deposited under the offer.
Shareholders who choose the cash option will receive $2.93 per share as the cash portion of the consideration of their shares, and 0.79 of a Westmin common share as the share portion.
Westmin stepped in with its offer to acquire Williams Lake-based Gibraltar after Placer Dome (PDG-T) said it would sell its 30.8% stake in the copper miner.
Gibraltar owns the Lomas Bayas and Fortuna de Cobre oxide copper deposits in Chile, and operates the McLeese Lake copper mine near Williams Lake, B.C.
Placer’s stake in the company was worth about $63 million.
Gibraltar estimates it has 8.9 billion lb. of copper reserves at the two deposits that make up Lomas Bayas.
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