Red 5/Silver Lake: US$1.5bn Aussie Gold Merger
Aussie gold miners Red 5 Ltd (RED AU) and Silver Lake Resources (SLR AU) have announced a "merger of equals" via a Scheme of Arrangement.
Red is offering 3.434 new shares for every SLR share, and will hold ~51.7% of the merged entity, with SLR shareholders holding the remaining 48.3%.
This has the unanimous backing of both boards. Yet SLR appears to be given short shrift on the merger ratio. Plus SLR holds ~11.9% of shares out in Red.
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