GREY:PGDIF - Post by User
Post by
Oregonduckon Jul 23, 2018 3:46pm
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Post# 28354874
No Shopping Around for Another Bid
No Shopping Around for Another Bid
PGD can only consider "unsolicited" bid with a breakup fee $5 million should DeBeers decide not to match any higher offer. Presumably, soaking up shares at the open market at $0.24 by DeBeers will ensure they get the two-thirds super majority vote to approve this takeover... This deal only makes sense for DeBeers who had once been a partner with PGD until they dumped the project years ago. DeBeers will be closing their $1 billion cost Victor Mine in 2019, and major equipment and building materials can be moved to Chidliak which would save them a huge amount of money cutting down the estimated $500 million in plant buildup.