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CI Resources to pounce on Phosphate Resources

CI Resources to pounce on Phosphate Resources

Investment company CI Resources (ASX:CII) will make an off-market takeover offer to acquire all of the ordinary shares in Phosphate Resources Limited that it does not already own.

CII already owns a 63.05% interest.

The offer provides consideration of 40.3 CI shares for every 1 Phosphate Resources share.

The implied value of the offer is $35.06 per Phosphate Resources share, based on the closing price of CI Shares of $0.87 on the 8th October 2014 - which was the last trading day prior to the offer.

The merged entity will own the phosphate rock mine on Christmas Island, the palm oil plantation estate, along with the palm oil mill and processing facility located in Malaysia.

 

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