Ramelius Resources to merge with Spartan Resources9:08am todayThe news: Gold miners Ramelius Resources and Spartan Resources have entered into a binding transaction implementation deed, which would see Ramelius acquire all the shares in its smaller rival that it does not already own.The numbers: Ramelius will pay 25 cents in cash and 0.6957 Ramelius shares for each Spartan share, with an implied value of $1.78 per Spartan share.The agreement values Spartan at around $2.4 billion and represents a premium of 11.3% to Spartan's last closing price of $1.60 on Friday.Spartan shareholders — excluding Ramelius which holds an existing 19.9% interest in the miner — would own 39.5% of the combined group.The context: Spartan's board has unanimously recommended that its shareholders vote in favour of the deal.Under the proposed agreement, Spartan's executive chairman Simon Lawson would join the Ramelius board as non-executive deputy char.The source: ASX
NMG Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
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