"The bid from Kingsgate takes advantage of the relative share price weakness at Dominion because of the production problems it has had at Challenger. Mr Smyth-Kirk said Kingsgate was convinced that the technical difficulties were now behind the Challenger operation.
The offer is 0.31 Kingsgate shares for each Dominion share. The implied offer price is $3.63 a Dominion share.
Argonaut Securities said it believed the pair had held merger discussions in the past, albeit when Challenger was on song and Dominion was in the driving seat. It said the chance of interlopers emerging was low."
The full article is at http://www.smh.com.au/business/dominion-takeover-the-first-step-for-kingsgate-20101020-16ubb.html
"While the Dominion Board has endorsed the takeover, major shareholder, Western Australian mining identity Mark Creasy has not yet been approached about whether he will tip his 10.9 per cent shareholding into the deal.
Kingsgate chairman Ross Smyth-Kirk said talking to shareholders beyond the board would be the next step.
``We've dealt all the time with the board, and two of the members of the board speak for about 20 per cent I believe,'' he said.
"The board has agreed to do it for their own shares and their recommended shareholders.
"Clearly we'll be speaking to other shareholders now that we've released these details.
"Dominion will provide Kingsgate with immediate access to additional production and cash flow and also provide geographic and operational diversification.''
The full article is at http://www.adelaidenow.com.au/business/kingsgate-consolidated-to-buy-sa-mine-owner-dominion-mining-for-376m/story-e6frede3-1225941361758
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