By: Esmarie Swanepoel 13th January 2012 Updated 1 hour 8 minutes ago
PERTH (miningweekly.com) - Hong Kong-listed Apac Resources has accepted the takeover offer by China Guangdong Nuclear Power Corp (CGNPC) for its 13.14% interest in Kalahari Minerals, bringing CGNPC close to its 50% minimal shareholding condition.
The Chinese firm has set a February 2 deadline for its £632-million takeover of Kalahari Minerals, which owns a 43% stake in ASX- and TSX-listed Extract Resources.
The £2.4355-a-share cash offer represented a 16.1% premium to the average closing price of Kalahari's shares for the six months up to March 4, when the Chinese firm first announced it wanted to buy the uranium hopeful.
The Chinese State-owned firm said that it would launch an A$8.65-a-share offer for Extract within four weeks of securing a 50% acceptance of the Kalahari offer.
The bid would value Extract, which was developing the Husab uranium project in Namibia, at around $2.2-billion. The deal has been approved by the Namibian government, despite Extract directors holding off on making a firm recommendation regarding the takeover until a firm offer had been made.
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