More than half of Spectrum Metals shareholders have accepted $208 million takeover by Ramelius Resources, resulting in a wholly unconditional offer.
It comes more than a month after Ramelius and Spectrum entered into a binding implementation agreement, sending Spectrum’s shares up 36 per cent on February 10.
Ramelius now has a relevant interest of 50.5 per cent in Spectrum, surpassing the minimum 50.1 per cent.
This figure has risen from Ramelius’s 4.9 per cent interest in Spectrum in February.
Under the offer, Spectrum shareholders will receive one Ramelius share for every 10 Spectrum shares and cash consideration of 1.7 cents per Spectrum share.
Spectrum said the board was in full support of the offer.
It has recommended remaining Spectrum shareholders vote in favour of the Ramelius offer in the absence of a superior proposal.
“Given the strong control position of Ramelius, we believe it is unlikely that a superior proposal will eventuate,” Spectrum said in an ASX announcement.
Ramelius has extended the closing date of its offer to April 30.
Ramelius will reach compulsory acquisition once it gains a 90 per cent interest in Spectrum.
Last week, Ramelius acquired all of Chalice Gold Mines’ shares in Spectrum for $5.7 million.
Ramelius previously said the takeover would be funded by its existing working capital or by a $35 million syndicated finance facility with three banks.
Its shares closed up 5 per cent today to 98 cents. Spectrum is trading at 10.5 cents per share.