[miningmx.com] — BASE-metals exploration company Kiwara said the High Court of Justice in England and Wales has granted it an order allowing it leave to consider First Quantum Minerals’ offer to takeover the company.
First Quantum said late last month that it has agreed to acquire the entire issued share capital of Kiwara by way of a scheme of arrangement.
The cash and equity transaction is valued at approximately ₤157.6m and is expected to result in the issuance of approximately 1 884 448 million new First Quantum shares.
Kiwara said the court order affords it leave to convene a scheme meeting for the purpose of considering and, if deemed fit, approving (with or without modification) the scheme.
The terms of the scheme allow Kiwara shareholders to receive 0.0085 new First Quantum shares and ₤0.375 for every Kiwara share held.
Kiwara said the court meeting and the general meeting would be held on January 11 2010.
