The transaction is expected to create a combined mid-tier Australian copper and gold mining company. Credit: Zac Edmonds on Unsplash.

AIC Mines has made an improved offer to acquire the remaining stake in Australian exploration and mining services company Demetallica.

In relation to this, the two firms executed a bid implementation deed. AIC Mines already owns a 10.2% stake in Demetallica.

Related Company Profiles

View all

In September 2022, AIC Mines offered one share of its common stock in exchange for 1.5 Demetallica shares. However, Demetallica rejected the unsolicited, conditional, off-market takeover proposal, citing it undervalues its assets.

Under the revised terms, AIC Mines has offered one share of AIC Mines for 1.3 Demetallica shares held.

The latest bid represents an implied price of around $0.391 per Demetallica share. This is based on the last closing price of AIC Mines on 19 September 2022.

Upon closing of the transaction, Demetallica shareholders will own around 21% of the combined company.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The transaction is expected to create a combined, growth-oriented mid-tier Australian copper and gold mining company.

AIC Mines managing director Aaron Colleran said: “Combining AIC Mines and Demetallica is a logical consolidation and unlocks significant value for both AIC Mines and Demetallica shareholders.

“I look forward to working with Andrew to efficiently close the transaction and integrate the Demetallica assets, people, and knowledge base with AIC Mines.”

Unanimously recommended by the Demetallica board, the unconditional improved offer is scheduled to close on 28 November 2022.

Demetallica managing director Andrew Woskett said: “We are pleased to have reached a commercial agreement with AIC Mines such that both AIC Mines and Demetallica shareholders can enjoy the synergies this consolidation can deliver.”