Fortescue to Acquire Alta Copper for C$1.40 per Share [Yahoo! Finance]
FORTESCUE METAL GRP S/ADR (FSUGY)
NASDAQ:AMEX Investor Relations:
fmgl.com.au/investors
Company Research
Source: Yahoo! Finance
to announce that it has entered into a definitive arrangement agreement (the "Arrangement Agreement") with Fortescue Ltd ("Fortescue") and its wholly owned subsidiary, Nascent Exploration Pty Ltd ("Nascent" or the "Purchaser"), pursuant to which the Purchaser will acquire all of the issued and outstanding common shares of Alta Copper (the "Alta Copper Shares") not already held by the Purchaser (the "Transaction"). The Purchaser currently holds 33,638,304 Alta Copper Shares, representing 35.7% of the issued and outstanding Alta Copper Shares. Under the terms of the Transaction, holders of Alta Copper Shares ("Alta Copper Shareholders") will receive C$1.40 in cash per Alta Copper Share (the "Purchase Price"), valuing the Company at approximately C$138.8 million on a fully diluted basis. The consideration will be funded from Fortescue's existing cash reserves. The Board of Directors of Alta Copper (the "Board") and its special committee have determined that the Transaction is fair, f
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