PolyMet Entered into Definitive Agreement for Glencore to Acquire Full Ownership For $2.11/Share In Cash
Author: Charles Gross | July 17, 2023 07:52am
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").