PGM Corp. takeover news
Marathon is Successful in Bid for Discovery PGM Corporation and Extends Offer
Tue May 13, 11:29 P
TORONTO, May 13 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company") is pleased to announce that all conditions of the offer (the "Offer") dated April 7, 2008 to acquire all of the issued and outstanding common shares (the "Discovery Shares") of Discovery PGM Exploration Ltd., (PTD: TSX-V)("Discovery") have been satisfied. An aggregate of 26,787,044 Discovery Shares, which represents approximately 88.79% of the issued and outstanding Discovery Shares on a fully-diluted basis, were validly tendered by the Offer deadline.
Marathon has also announced that it has given notice to the depositary to take up all Discovery Shares tendered under the Offer and to extend the expiry time of the Offer until 5:00 p.m. (Toronto time) on May 28, 2008. Marathon will pay for the Discovery Shares deposited pursuant to the Offer to date on the basis of 0.0794 of a Marathon common share for every Discovery Share by Friday, May 16, 2008.
Any Discovery shareholder that is (i) a U.S. Person (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended) or (ii) holds Discovery shares on behalf of a U.S. or (iii) a shareholder resident in a jurisdiction in which Marathon shares may not be lawfully delivered will receive the cash proceeds from the sale of the Marathon shares that would have otherwise been distributed to them.
Discovery shareholders are encouraged to tender their Discovery Shares to the extended Offer, as the Discovery Shares will be delisted from trading on the TSX Venture Exchange after June 12, 2008.
If less than an aggregate of 90% of the Discovery Shares have been deposited to the Offer prior to the extended expiry time, Marathon may further extend the Offer or implement other procedures to complete its acquisition of all of the Discovery Shares.