DRD unseats the emperor
Durban Roodepoort Deep’s long battle for Fijian gold miner Emperor Mines Limited has been won.
DRD has agreed to increase its bid to five DRD shares for every 22 Emperor shares it did not already own.
Emperor’s board has announced that it will recommend shareholders accept DRD’s revised offer.
DRD CEO Ian Murray said the offer represented an increase of 14 per cent over its previous offer and that the previous offer represented a 32 per cent premium over the price Emperor was trading at before March 8, when the offer was announced.
"We believe our original offer was fair, based on Emperor’s share price tracking the offer since the bid was launched," he said.
"This new offer reflects our strong intention to proceed with the full takeover and add value to the Vatukoula Gold Mine in Fiji."