French multinational mining company, ERAMET is proposing to make an off-market takeover offer to acquire all of the issued shares in Mineral Deposits (ASX:MDL)
It’s offering $1.46 cash per share.
This is an all-cash transaction that values the equity of MDL (on a fully diluted basis) at approximately $291 million.
As part of the Offer, ERAMET has acquired a relevant interest in 13.3 per cent of MDL shares from key institutional shareholders.
ERAMET and MDL each hold a 50 per cent interest in the TiZir joint venture, which operates an integrated mineral sands business in Senegal and Norway.
The Offer is intended to enable the full consolidation of the joint venture after its formation in 2011.
Mineral Deposits (ASX:MDL) closed 0.43 per cent higher yesterday at $1.16