SouthGobi Signs Cooperation Agreement With Aluminum Corporation of China Limited (CHALCO) and Receives Notification of CHALCO's Intention to Make a Proportional Take-Over Bid at C$8.48 Per Share
SouthGobi Resources Ltd. ("SouthGobi") (TSX:SGQ.TO )(HKSE:1878.HK ) announced today that it has entered into a Cooperation Agreement with Aluminum Corporation of China Ltd. ("CHALCO"), and further announces that it has received notice that CHALCO intends to make a proportional take-over bid for up to 60% of the issued and outstanding common shares of SouthGobi.
SouthGobi has been informed that CHALCO intends to make a take-over bid for up to 60% of the issued and outstanding common shares of SouthGobi at C$8.48 per share ("Proportional Offer"). SouthGobi has also been informed by its 57.6% major shareholder, Ivanhoe Mines Ltd. ("Ivanhoe"), that Ivanhoe has signed a lock-up agreement with CHALCO, committing to tender all of its shares held or thereafter acquired by it during the Offer Period of CHALCO into the Proportional Offer.
- Published: 02 April 2012
- Written by Editor