Markets

Market Chatter: Proxy advisory firm recommends $1.3B takeover of Neo Materials: Report

A generic image of money and a calculator
Credit: Shutterstock photo

A proxy advisory firm is recommending that shareholders of Neo Material Technologies (NEM.TO) vote for a $1.3-billion friendly takeover offer of the Canadian rare earth processor, Canadian Press reports.

Canadian Press says Institutional Shareholder Services Inc., which advises professional fund managers, is recommending that shareholders approve the takeover by U.S.-based Molycorp Inc. at the May 30 annual shareholder meeting.

Colorado-based Molycorp Inc. is offering $8.05 plus 0.122 of a share, a deal that's being recommended by Neo Material's board of directors.

NEM shares were off two cents at $10.75.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More