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

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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.

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

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