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Gold mining business acquired
Two firms have advised on the acquisition of a gold mining business by Diversified Minerals through a scheme of arrangement.
Lara Bullock
Firms: Baker & McKenzie (Unity Mining Limited); Sparke Helmore (Diversified Minerals Pty Ltd)
Value: $33.2 million
Area: M&A
Key players: The Baker & McKenzie team was led by partner Richard Lustig (pictured) with assistance from partner Simon De Young, partner John Mollard, special counsel Rick Troiano, as well as associates Tim Pirera and Matthew Collins.
Deal significance: On 13 October Unity Mining Limited announced it was conducting a full strategic review to examine all options to maximise shareholder value, having received approaches from a number of parties expressing interest in various asset transactions and other strategic initiatives, according to a release from Baker & McKenzie.
Unity Mining Limited and Diversified Minerals Pty Ltd have executed a Scheme Implementation Agreement for the acquisition of 100 per cent of the issued shares of Unity by Diversified Minerals under a Scheme of Arrangement, in conjunction with a contemporaneous capital return to Unity shareholders.
The scheme is expected to complete in April 2016.
Baker & McKenzie lead partner Richard Lustig said: “This is the culmination of an extensive strategic review, which provides Unity shareholders with an opportunity to realise value in the form of cash at a significant premium to trading over the past 18 months.”
