​Firm seals golden takeover

In the second major precious metals deal of the month, a top tier Australian firm has advised on a another succesful takeover

Herbert Smith Freehills has advised Eldorado Gold Cooperatief UA (a wholly owned subsidiary of Eldorado Gold Corporation) on its successful takeover bid of Glory Resources Limited (Glory).

Eldorado Gold Cooperatief acquired all of Glory’s outstanding shares for $30.5 million via a recommended off-market cash takeover bid.

The Herbert Smith Freehills team was led by M&A partners Tony Damian and Andrew Rich. 

Eldorado Gold owned 19.9% of the shares in Glory prior to the announcement of the transaction.

All the issued options of Glory were also cancelled for a total consideration of approximately $1.8 million.    

Under the takeover bid offer, Glory shareholders received $0.17 cash for each share, representing a premium of 42% to the last closing price of Glory prior to the announcement of the transaction. 

This is the second notable deal in the precious metals sector this month, with Clayton Utz and Minter Ellison having previously sealed an institutional placing and entitlement offer for gold producer Kingsgate.    

Herbert Smith Freehills previously advised Eldorado Gold Corporation on its $2.4 billion acquisition of Sino Gold Mining Limited in 2009 and on the Australian aspects of its C$2.5 billion acquisition of European Goldfields Ltd in 2011.

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