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Australia's Elemental Minerals receives takeover offer

8:16 AM MDT | April 12, 2013 | Francinia Protti-Alvarez

Elemental Minerals (Perth, Australia) says it has received a nonbinding offer for the company from Dingyi Group Investment (Hamilton, Bermuda) to acquire the company for a cash price of A$0.66/share (70 cts), valuing the company at some A$160.8 million. The proposal represents a premium of 126% to the volume weighted average price per share over the past 20 trading days. The company’s market capitalization stood at A$134.2 million today. Elemental says it has entered into an exclusive negotiation period and cost reimbursement agreement with Dingyi granting...

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