Northern Star declares offer for Echo unconditional

Company News

by Anna Napoli

Shares of Northern Star Resources (ASX:NST) could see some movement this morning after the gold miner declared that its offer for Echo Resources (ASX:EAR) is now unconditional.

Northern Star currently owns 21.99 per cent of Echo and has waived all remaining outstanding defeating conditions of the offer.

The cash takeover offer is $0.33 per share and the offer is expected to close at 7pm on 14 October 2019.

The Independent Directors of Echo have unanimously recommended that Echo shareholders accept the offer in the absence of a superior proposal.

Shares in Northern Star Resources (ASX:NST) closed 2.27 per cent higher at $11.28 on Friday.