Musgrave Minerals jumps on Westgold Resources takeover offer
Westgold said Musgrave shareholders will receive 1 fully paid Westgold ordinary share for every 5.37 Musgrave shares held . The Offer Consideration implies an undiluted equity value for Musgrave of $177.3 million or $0.30 per share.Musgrave traded up 17% to 30 cents a share.
In a news release, Westgold said that the combination of Westgold and Musgrave is a"...logical and capital efficient solution that consolidates both groups’ regional assets into a larger scale, more profitable and highly investable Western Australian focused gold miner. This combined entity would be underpinned by Westgold’s technical capability, team and strong financial position comprising cash and liquid assets of approximately $180 million and nil debt.
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