Yup! These one day wonders certainly are welcome during all this gloom and doom as is RH.V which is bucking the trend. Ooops, I forgot. You guys like coal but not coal in Mongolia. Some people do ...
Western Prospector agrees to takeover by Tinpo Holdings
Tuesday, 15 July 2008
Western Prospector Group Ltd. (TSX VENTURE:WNP) and Tinpo Holdings Industrial Company Limited announced, Tuesday, the agreement for Tinpo to acquire all outstanding common shares of Western for $1.34 Canadian per share in cash. Following the purchase, Western's equity will be valued at approximately $74 million Canadian.
The offer represents an 86 percent premium to Western's closing price of $0.72 Canadian on July 14 and a 168 percent premium to Western's closing price of $0.50 Canadian on May 9, 2008, which was the last trading day prior to the unsolicited takeover bid by Khan Resources Inc.
According to the terms of the agreement, the offer by Tinpo will be in the form of a takeover bid, and a subsidiary of Tinpo will acquire all of Western's outstanding shares. As a result, Western will effectively become a private company.
"Tinpo's offer represents a significant premium to the recent trading price of Western and to Khan's bid, and we believe that it offers a fair value for Western's assets. We are pleased that Western's Board of Directors unanimously supports this offer," said Howard Balloch, spokesperson for Tinpo. |
