Lion deflects Indophil bid with $267m return
May 21st, 2008
Filed under: Mineral - Gold, Operator - Indophil Resources NL
From: www.theaustralian.news.com.au
IN a move designed to fend off a takeover from Indophil Resources, mining investment group Lion Selection plans to return $267 million in cash to shareholders, in the process helping Swiss miner Xstrata in its bid for Indophil.
Lion shares rose 8 per cent to a four-month high of $1.78 on the announcement, which proposes delivering $1.35 a share to investors after plans to sell most of its 24.5 per cent stake in Indophil to Xstrata, its stake in Newcrest’s Cracow gold mine to Beadell and its 21 per cent stake in junior nickel miner Albidon.
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