Recommended Takeover Offer of Azimuth Resources by Troy Resources
Troy Resources Limited (TRY.TO) and Azimuth Resources Limited (AZH.TO) announced the signing of a Takeover Bid Implementation Deed under which it is proposed that Troy will acquire all of the issued shares of Azimuth in a share based transaction by way of an off-market takeover offer. Under the offer, Azimuth shareholders will receive 1 new Troy share for every 5.695 Azimuth shares held. Based on Troy's closing share price of A$2.49 on the ASX on 27 March 2013, the offer values Azimuth at A$188 million or A$0.437 per share. The Troy offer is unanimously recommended by the directors and the CEO of Azimuth who have also agreed to accept Troy's offer in respect of all shares they control, in each case in the absence of a superior offer.
Troy closed Wednesday at 2.69 compared to a year low 2.55. AZH is at 29 cents compared to a year low 26 cents.
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