Moly Mines Ltd. plans a conditional off-market takeover bid for all of Queensland Mining Corp. Ltd.'s shares at 17 Australian cents per share, valuing the latter at about A$50.8 million.
According to the Dec. 15 release, the offer represents a premium of 49.12% to the 30 trading-day volume-weighted average price of 11.4 cents per share as of Dec. 14.
In October, Queensland Mining agreed to sell its White Range copper project in Queensland, Australia, to Moly in a A$53 million binding deal.
Following discussions, the companies negotiated the cash-only deal for a complete acquisition of Queensland Mining.
The directors of Queensland Mining unanimously recommended shareholders accept the takeover bid in the absence of a superior proposal.
The company's directors, as well as two major shareholders, intend to accept the offer.