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BRIEF-Impala Platinum Buys North American Palladium For C$1.01 Bln Cash

Published 2019-10-07, 01:27 p/m
Updated 2019-10-07, 01:30 p/m
© Reuters.  BRIEF-Impala Platinum Buys North American Palladium For C$1.01 Bln Cash

© Reuters. BRIEF-Impala Platinum Buys North American Palladium For C$1.01 Bln Cash

Oct 7 (Reuters) - Impala Platinum Holdings Ltd IMPJ.J :

* IMPALA PLATINUM HOLDINGS LTD - ACQUISITION OF NORTH AMERICAN PALLADIUM LIMITED FOR CASH CONSIDERATION OF C$1,008 MILLION

* IMPALA PLATINUM - TOTAL OFFER CONSIDERATION COMPRISED OF OFFER PRICE OF C$19.74 PER SHARE IN CASH CONSIDERATION TO SHAREHOLDERS OTHER THAN BROOKFIELD

* IMPALA PLATINUM - DEAL ALSO COMPRISES OF C$16/SHARE IN CASH TO MAJORITY SHAREHOLDER OF NAP, AN AFFILIATE OF BROOKFIELD BUSINESS PARTNERS LP

* IMPALA PLATINUM HOLDINGS LTD - TOTAL OFFER CONSIDERATION IMPLIES A BLENDED OFFER PRICE OF C$16.77 PER SHARE

* IMPALA PLATINUM HOLDINGS LTD - ENTERED INTO A DEFINITIVE AGREEMENT TO ACQUIRE 100% OF OUTSTANDING SHARES IN NORTH AMERICAN PALLADIUM LIMITED

* IMPALA PLATINUM - BOARD OF NAP RECEIVED FAIRNESS OPINION THAT AGGREGATE CONSIDERATION TO BE RECEIVED BY SHAREHOLDERS AS PER DEAL IS FAIR

* IMPALA PLATINUM - DEAL WILL ALIGN IMPLATS' PRODUCTION MIX OUTPUT TO MORE CLOSELY MATCH EXPECTED COMPOSITION OF BOTH CURRENT AND FORECAST 3E DEMAND

* IMPALA PLATINUM HOLDINGS LTD - TRANSACTION WILL ALSO INCREASE IMPLATS' PARTICIPATION IN GLOBAL PRIMARY PALLADIUM SUPPLY

* IMPALA PLATINUM HOLDINGS LTD - DEAL EXPECTED TO BE STRONGLY VALUE ACCRETIVE TO SHAREHOLDERS ON BOTH SPOT AND MARKET CONSENSUS PRICES

* IMPALA PLATINUM - INTENDS TO FINANCE DEAL USING EXISTING CASH OF US$288 MILLION, PROCEEDS RAISED FROM A METAL PREPAYMENT OF EXCESS INVENTORY

* IMPALA PLATINUM - INTENDS TO FINANCE DEAL ALSO USING A LOAN OF US$350 MILLION ADVANCED UNDER A BRIDGE FACILITY AGREEMENT

* IMPALA PLATINUM HOLDINGS LTD - TRANSACTION IS EXPECTED TO BE COMPLETED IN LATE DECEMBER 2019 OR JANUARY 2020

* IMPALA PLATINUM - DEAL CLASSIFIED AS CATEGORY 2 IN TERMS OF SECTION 9 OF JSE LISTINGS RULES AND WILL NOT REQUIRE IMPLATS' SHAREHOLDER APPROVAL

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