Northern Star’s A$5bn Tilt for De Grey (DEG AU)

• De Grey Mining (DEG AU), which boasts one of Australia's largest undeveloped gold projects, has announced a merger, by way of Scheme, with Northern Star Resources (NST AU).

• Northern Star is offering 0.119 new shares for every De Grey share, and will hold ~80.1% of the combined entity, with De Grey shareholders the remaining ~19.9%.

• Terms back out an implied price of A$2.08/share, or a ~37% premium to last close. This Offer has the unanimous backing of both boards.