Inter-Citic Minerals (TSX: T.ICI, Stock Forum) Monday said China’s Western Mining Group Co Ltd has agreed to buy Inter-Citic for $2.05 per share in cash, or a total consideration of $250 million, to expand its gold mining business.
The offer represents a premium of 41.4% to Inter-Citic’s closing stock price on Friday. Toronto-based Inter-Citic Minerals is an exploration and development company advancing its Dachang Gold Project in the People's Republic of China.