zijin-mining-bids-for-australias-indophil-resources

Zijin Mining bids for Australia's Indophil Resources

China's largest gold producer Zijin Mining offers $497 million to buy 100% of Australia-listed Indophil Resources and gain control of 37.5% of a gold and copper mine in the Philippines.

China's Zijin Mining Group has made a bid to take over Australia-listed miner Indophil Resources for A$545 million $497 million.

Zijin is offering to buy all of Indophil's outstanding shares for A$1.28 per share. The price represents a premium of 18% to Indophil's closing price on the Australian Securities Exchange ASX on November 26, the day before the shares were suspended pending an announcement, and an 83% premium to Indophil's six month volume-weighted average price.

The board of directors of Indophil supports the takeover bid by Zijin and is recommending shareholders to accept it. Xstrata Queensland, Indophil's largest shareholder, has agreed to tender its 19.9% stake to Zijin.

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