Ivanhoe Mines to sell stake in Mongolian coal miner to Chinese company for $889 M | CanadianBusiness.com: "VANCOUVER - Ivanhoe Mines (TSX:IVN) says it has agreed to sell its stake in Mongolian coal miner SouthGobi Resources Ltd. (TSX:SGQ) to Aluminum Corporation of China Ltd. for C$889 million.
The Vancouver-based company owns 104,807,155 shares of SouthGobi, representing approximately 57.6% of SouthGobi's issued and outstanding shares.
Ivanhoe said in a news release Sunday that it has entered into a lock-up agreement with the Chinese company and has agreed to tender all of its SouthGobi shares at a price of $8.48 per share.
The offer price represents a 28 per cent premium over the closing price ($6.62) on the Toronto Stock Exchange on Friday, March 30 and a 32 per cent premium over the volume-weighted average price of $6.41 during the past 10 trading days on the TSX."
'via Blog this'
