Wyloo's indicative offer
Noront Tender
https://www.noronttender.ca/
Why Accept BHP's All-Cash Offer
Significant Premium:
The Offer represents a premium of:
- 69% to the closing price of C$0.325 per Noront share on the TSXV on July 26, 2021 (the last trading day prior to the announcement of the Offer)
- 75% to Wyloo’s stated price of $0.315/share when it announced an intention to bid for Noront on May 25, 2021
“This transaction provides a significant premium to Wyloo's indicative offer, and crystallizes immediate and certain value through an all-cash offer. After careful consideration, Noront’s Board of Directors, with input from its financial and legal advisors and the Special Committee, determined this offer is in the best interests of the company and shareholders. BHP has the financial strength, world-class mining expertise, and commitment to work in partnership with stakeholders to advance Eagle’s Nest and the Ring of Fire, which has the potential to deliver benefits to local communities, First Nations, and Ontario for years to come.”
Alan Coutts, CEO, Noront
Wyloo’s indicative offer has since been increased to $0.70/share.
Noront Receives Arrangement Agreement From Wyloo and Executes Confidentiality Agreement.
Friday September 3, 2021
https://norontresources.com/noront-receives-arrangement-agreement-from-wyloo-and-executes-confidentiality-agreement/
potential transaction proposed by Wyloo to acquire all of the outstanding common shares of Noront for C$0.70 per share.