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Independence swoops on Jabiru

Independence and Jabiru Metals, both ASX-listed, have announced they have signed a Bid Implementation Agreement for an off-market takeover offer by Independence for all of the issued and…

user iconLawyers Weekly • 15 February 2011 • Big Law
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Independence and Jabiru Metals, both ASX-listed, have announced they have signed a Bid Implementation Agreement for an off-market takeover offer by Independence for all of the issued and outstanding shares in Jabiru, advised by Blake Dawson.

 
 

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The offer was unanimously recommended by the Jabiru Board in the absence of a superior proposal not matched by Independence. Further, Jabiru directors have agreed to accept the offer with respect to all shares owned or controlled by them in the absence of a superior proposal that is not matched by Independence.

Independence has acquired just over a 10 per cent interest in Jabiru for $0.829 cash per share from Jabiru's major shareholder, Metals X, which has also agreed to support the transaction and has entered into a pre bid acceptance agreement in relation to the remainder of its holding in Jabiru (an additional 9.48 per cent).

Under the offer, Jabiru shareholders will receive 0.125 Independence shares for every one Jabiru share held.

The Blake Dawson team comprised Roger Davies, Paul Sartori, Matthew Kwan and Chadwick Poletti.

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