trending Market Intelligence /marketintelligence/en/news-insights/trending/w46-9j8jm6fd5i91dryozg2 content esgSubNav
In This List

International Millennium Mining to acquire Tengri in reverse takeover

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Blog

Insight Weekly: CEO pay jumps; yield curve inversion deepens; wind giants lift turbine prices


International Millennium Mining to acquire Tengri in reverse takeover

International Millennium Mining Corp. said Aug. 31 that it has entered into an agreement with Phoenix Capital Enterprises Ltd. to acquire all outstanding shares in Tengri Coal and Energy Pte. Ltd., through a reverse takeover.

Each Phoenix shareholder will receive one International Millennium Mining share, after a 1-for-20 share consolidation and valued at US$1.48 each, for each Tengri share held, resulting in a deemed value for the transaction of US$293.2 million. International Millennium Mining shareholders will hold a 5.0% stake in the resulting issuer, while Tengri shareholders will own 95.0%.

Upon completion, International Millennium Mining's current directors will resign and Phoenix will have the right to to elect four of the five members to the board of directors. International Millennium Mining President and CEO John Versfelt will remain in his post.