Announced
Financials
Tags
Cross Border
Public
Acquisition
exploration of gold belts
production of gold belts
a gold company
Gold Mining
Canada
Friendly
Majority
Single Bidder
Pending
Synopsis
Endeavour Mining, a multi-national mining company, agreed to acquire Teranga Gold, a Canada-based gold producer, in a $2bn deal. Existing Endeavour and Teranga shareholders will own approximately 66% and 34%, respectively, of the combined company on a fully-diluted in-the-money basis. Pursuant to the Plan of Arrangement, Teranga common shares will be exchanged at a ratio of 0.470 Endeavour ordinary shares for each one Teranga common share. Tablo and Barrick Gold, a majority shareholder in Teranga, and La Mancha Holding, a majority owner in Endeavour, voted in favor of the transaction. “This combination offers an attractive opportunity to both sets of shareholders. By combining our complementary assets, we will enhance our strategic position on West Africa’s highly prospective Birimian Greenstone Belt and we will have the ability to deliver material synergies. The combined entity will become a new senior gold producer and enjoy an improved capital markets profile, underpinned by a healthy balance sheet and strong cash flow capabilities to support a sustainable dividend," Sébastien de Montessus, Endeavour President and CEO. January 21, 2020: Teranga Gold shareholders have voted in favor of the $2bn acquisition by Endeavour Mining.
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