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Mantra board backs offer from Russia's ARMZ Uranium
By Michael Bennet | The Australian | December 15, 2010
URANIUM miner Mantra Resources has agreed to a $1.16 billion offer from Russia's ARMZ Uranium Holding Co.
Perth-based Mantra, which is focused on its flagship Mkuju River project in Tanzania, said today ARMZ has offered $8 per share cash - a 5.5 per cent premium to yesterday's closing price of $7.58.
Shares in Mantra jumped 4.49 per cent at $7.92 at today's close.
Mantra, advised by RBC Capital Markets, has recommended the scheme of arrangement and said the deal of $US10.26 per pound of resource values the company significantly higher than other substantial uranium developers.
Mantra said Highland Park SA, which owns 13.5 per cent of its outstanding fully diluted share capital, has said it would vote in favour of the deal in the absence of a superior proposal.
Subject to an independent expert determining the scheme is in the best interests of shareholders, Mantra's board has agreed to unanimously recommend ARMZ's offer.
ARMZ, advised by BMO Capital Markets, is the world's fifth-largest uranium producer.
"This clean, all-cash offer from ARMZ is compelling and reflects both the strategic significance of this asset as well as the current status of the project against the backdrop of a recent spike in the uranium price," said Mantra CEO Peter Breese.
"The offer crystallises immediate value for Mantra shareholders, providing them with the certainty of cash."
The director-general of ARMZ, Vadim Zhivov, said the Mkuju River project was a world-class deposit that, along with its other assets, would complement its portfolio of assets.
The scheme is conditional upon the approval of Australia's Foreign Investment Review Board, but no further due diligence is required.