India, May 27 -- MAC Copper Limited (MTAL) Tuesday said that it has entered into a binding scheme implementation deed with Harmony Gold Mining Company Limited (HMY) and Harmony Gold (Australia) Pty Ltd, a unit of Harmony, to acquire MAC by Harmony Australia through a Jersey law scheme of arrangement for about $1.03 billion in cash. MAC shares were more than 17% up in pre-market.
As per the deal, MAC shareholders will receive $12.25 per share, a 32.1% premium to the 30-day average price of $9.28 per share.
The scheme is subject to limited conditions, including Harmony getting approval from Australia's Foreign Investment Review Board, and the South African Reserve Bank. It also depends on MAC entering into restructuring deeds or amendment a...