news takeover deal
Vaaldiam gets $18.5-million takeover bid from BCKP
2012-04-19 11:42 ET - News Release
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Mr. Robert Jackson reports
BCKP LIMITED AGREES TO ACQUIRE VAALDIAM MINING INC. FOR CDN$18.5 MILLION
Vaaldiam Mining Inc. has entered into an agreement, under which BCKP Ltd., a private company organized under the laws of the Cayman Islands, has conditionally agreed to acquire all of the outstanding common shares of Vaaldiam for $18.5-million or approximately 25.82547 cents per share in cash.
The per share consideration offered by BCKP represents a premium of 115% to the price of the Vaaldiam Shares on the Toronto Stock Exchange (the "TSX") on April 18, 2012, before the stock was halted prior to this announcement, and a 122% premium to the 30 day volume weighted average trading price on the TSX for the 30 trading days preceding the date of this announcement.
Board Recommendation
A majority of the Board of Directors of Vaaldiam, upon consultation with its financial and legal advisors, has determined that the Acquisition is fair to Vaaldiam's shareholders, from a financial point of view and is in the best interests of Vaaldiam and its shareholders. One board member voted against the Acquisition. A majority of the Board of Directors of Vaaldiam will therefore recommend that Vaaldiam shareholders vote in favour of the Acquisition