PolyMet Mining Corp Monday said it has accepted Glencore Plc’s proposal to buy the remaining 18% stake in the company, gaining full control of the mine development company, for about $73 million, reported Reuters.
The PolyMet said Glencore, under a definitive agreement, would buy the roughly 18% of issued and outstanding shares it doesn’t currently own for $2.11 per share in cash, 2.9% above the last closing price for PolyMet and more than double where it was trading in late June before Glencore pitched an offer to buy the shares.
The company said a special committee established to consider the deal and available alternatives unanimously recommended PolyMet’s board approve the transaction. The acquisition of the shares remains subject to shareholder approval at a meeting set for the end of the third quarter or early in the final quarter of the year, PolyMet added.
Glencore holds an about 82% stake in Minnesota-based PolyMet.
PolyMet is developing a copper-nickel mine in northeastern Minnesota with Canada’s Teck Resources, another company which is on Glencore’s radar.
