Apollo Consolidated bids top metals M&A for week ended Oct. 22

Ramelius Resources Ltd. and Gold Road Resources Ltd.'s takeover bids for Apollo Consolidated Ltd. topped transactions in the metals and mining space for the week ended Oct. 22, according to a screener on S&P Capital IQ Pro.

Ramelius agreed to acquire Apollo, owner of the Lake Rebecca gold project in Western Australia, in a deal valued at US$95.8 million. Under the terms, Apollo shareholders will receive 34 Australian cents per share in cash and 0.1375 of a Ramelius share for each Apollo share held, implying an offer price of 56 Australian cents per share. Apollo's directors recommended that shareholders accept the offer in the absence of a superior bid.

Gold Road also lodged a bid to acquire the remaining 80.1% stake in Apollo for 56 Australian cents per share in cash under a deal valued at US$71.8 million. Apollo advised shareholders to take no action as it prepares a formal response to Gold Road's offer.

The competing Apollo bids come after BHP Group appeared to have won its bidding war with Wyloo Metals Pty. Ltd. for Noront Resources Ltd. The board of Noront recommended BHP's improved offer of 75 Canadian cents per share, topping Wyloo's bid of 70 Canadian cents per share.

Meanwhile, Pallinghurst Nickel International Ltd. reached a deal to acquire a 19.2% stake in Talon Metals Corp. for US$64.8 million from Resource Capital Fund VI LP, which is managed by RCF Management LLC. Talon owns an option to acquire up to a 60% stake in the Tamarack nickel-copper-cobalt project in Minnesota under an agreement with Rio Tinto Group unit Kennecott Exploration Co.

Torq Resources Inc. agreed to acquire the Santa Cecilia gold project in Chile from an undisclosed seller for US$25.0 million.

Rounding out the top five transactions for the week, Maverix Metals Inc. agreed to pay US$25.0 million for a 0.50% gross revenue royalty on the Omolon gold project in Russia from Polymetal International PLC.