Independence Group
(ASX:IGO) says it will acquire 100 per cent of Sirius Resources
(ASX:SIR).
As part of the deal Sirius will demerge its Polar Bear and Scandinavian explorations assets into a new vehicle called S2 Resources to be led by Sirius founding managing director Mark Bennett.
Sirius shareholders are set to receive 0.66 IGO share for each Sirius share as well as 52 cents in cash and 1 S2 share for each 2.5 Sirius shares held.
The scheme values Sirius at around $1.8 billion or $4.38 per share, a 35 per cent premium to its last closing price.
Independence Group
(ASX:IGO) reported a net profit of $49.5 million for the first six months of the 2015 financial year.
