CI Resources (ASX:CII) is close to completing the off-market takeover of Phosphate Resources and has declared the offer free of all defeating conditions.
As at 11 November, CI Resource’s voting power in Phosphate Resources was 95.26%.
It had offered 40.3 CI shares for every 1 Phosphate Resources share, or $35.06 each, based on the closing price of CI Shares of $0.87 on the 8 October 2014.
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.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.