Allied Gold says Zijin Gold terminates takeover but secures $295 million investment

Corporate ActionEarnings Impact 4
โดย Seeking Alpha·Read original
Summary · why it matters

Allied Gold announced that its planned C$5.5 billion sale to China's Zijin Gold has been terminated after the companies concluded there was no reasonable likelihood of satisfying closing conditions by the July 29 deadline. Instead, Zijin Gold will make a strategic investment of approximately $295 million in Allied Gold, agreeing to purchase 12.8 million common shares at C$32.55 each, representing a 10% premium to the last closing price. The original deal, announced in January, had Zijin agreeing to acquire Allied for C$44 per share. Separately, Allied Gold reported preliminary second-quarter gold production of 97,429 ounces, bringing half-year production to 193,445 ounces.

Impact on stocks 2

Critical Materials & Supply Chain▼ · 2 stocks
Allied Gold Corporation
AAUC
▼ NegativeCapitalrelevance

Zijin Gold terminated the C$5.5 billion takeover at C$44/share, replacing it with a smaller investment at C$32.55/share, a 26% discount to the original offer.

Zijin Gold Intl Co Ltd
2259
± MixedCapitalrelevance

Zijin Gold terminated the acquisition but made a $295 million strategic investment at a premium to market, indicating continued interest but at a lower commitment.

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