PolyMet Entered into Definitive Agreement for Glencore to Acquire Full Ownership For $2.11/Share In Cash
$PLM
Metal Mining
Basic Materials
- Transaction provides Minority Shareholders with all-cash consideration of US$2.11 per share and represents a 167% premium to the unaffected closing price on June 30, 2023
- Special meeting of shareholders expected to be held at the end of the third quarter of 2023 or early in the fourth quarter of 2023 St. Paul, Minnesota--(Newsfile Corp. - July 17, 2023) - PolyMet Mining Corp. (TSX:POM) (NYSE:PLM) ("PolyMet" or the "company") announced today that, based on the unanimous recommendation of an independent special committee of its board of directors (the "Special Committee"), it has entered into a definitive agreement (the "Agreement") with Glencore AG ("Glencore"), in respect of a transaction whereby Glencore will acquire the approximately 17.8% of the issued and outstanding common shares of the company that Glencore does not currently own (the "Minority Shares") for US$2.11 in cash per share (the "Consideration"), subject to approval by PolyMet shareholders, court approval and other customary closing conditions (the "Transaction").