Musto backs Rio/North offer

A takeover bid of International Musto Explorations (TSE) by Rio Algom (TSE) and North Ltd. of Australia has the support of Musto’s board of directors.

RN Galaxy, a company formed by Rio and North, offered to buy all of Musto’s outstanding shares for $14.99 each.

The directors based their approval on several factors, including the recommendation of the independent committee established by the board and the favorable fairness opinion of First Marathon Securities.

Rio and North outbid Placer Dome for Musto, which owns a half interest in the developing Bajo de la Alumbrera copper-gold project in Argentina.

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