Mwana makes formal offer for SouthernEra

After five months of talk, Mwana Africa (MWA-L) has put forward a formal takeover bid for SouthernEra Diamonds (SDM-T, SRE-L).

Mwana is offering one of its shares for 2.3333 shares of SouthernEra, which values shares at around 72. That translates into about $113 million for the whole company.

Mwana already owns 9.5% of the outstanding shares of SouthernEra, and has lock-up agreements for another 30.2%. The offer is open until Sept. 5.