Rio Verde Minerals Development (TSX: T.RVD, Stock Forum) late Thursday said it has agreed to be acquired by Brazilian mining company B&A Mineração S.A., this according to a company news release.
Rio Verde Minerals shareholders will receive 40 cents per share in cash for each share held, or a total consideration of approximately $48.6 million.
Rio Verde added that it has a lock-up agreement representing approximately 25% of its outstanding shares to vote in favour of the transaction. The deal is subject to a $2 million break-up fee and is expected to close in February 2013.