Sibanye-Stillwater says increased offer for Lonmin takeover is final
JOHANNESBURG - Mining group Sibanye-Stillwater said on Monday the terms of its increased offer for the takeover of platinum producer Lonmin was final and would not be pushed higher.
Last month, the two companies said they had reached agreement on the terms of an increased recommended all-share offer to be made by Sibanye for the entire issued and to be issued ordinary share capital of Lonmin.
Under the terms of the offer, Lonmin shareholders will be entitled to receive one new Sibanye-Stillwater share for each Lonmin share.
On Monday, Sibanye said it had noted media press speculation regarding the terms of the deal.
"As a result and in accordance with the UK Takeover Code (we confirm) that the increased offer is final and will not be increased," the company said.
"Sibanye-Stillwater reserves the right to set aside the no increase statement if a competitive situation arises under the circumstances prescribed by ... the UK Takeover Code."
On Friday, Sibanye and Lonmin jointly announced that the Competition Appeal Court of South Africa had dismissed with costs, the appeal by the Association of Mineworkers and Construction Union to block the acquisition.
The decision effectively upheld the South African Competition Tribunal’s decision last November approving the offer subject to conditions.