Chalco (ACH), Ivanhoe (IVN) Extend Bid Time Frame on SouthGobi Resources Stake
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Aluminum Corporation of China ("Chalco")(NYSE: ACH) and Ivanhoe (NYSE: IVN) announced that they have agreed to extend by 30 days the time for Chalco to make a proportional takeover bid for up to 60%, but not less than 56%, of the common shares of SouthGobi Resources Ltd. at C$8.48 per share. Instead of July 5, 2012, Chalco has now agreed to make a take-over bid on or before August 3, 2012, and thereafter the bid must be taken up after 36 days at the earliest.
Chalco's original intended bid was announced on April 2, 2012. Ivanhoe has entered into a lock-up agreement with Chalco and has agreed to tender all of its SouthGobi shares, on a pro-rata basis, to Chalco. With the exception of the 30-day extension to the date of launching the bid and the date the bid is expected to be taken up at the latest, all other terms and conditions of the lock-up agreement remain in place.
The proportional offer from Chalco will be made by way of a takeover-bid circular under British Columbia law and will be made to all SouthGobi shareholders.
The proportional offer by Chalco is subject to all statutory and regulatory approvals, including Canadian and Chinese regulatory approvals, and Chalco shareholder approval. On April 25, 2012, Ivanhoe and Chalco confirmed they will cooperate with the Government of Mongolia to ensure any requirements under the country's new strategic foreign investment legislation are satisfied.
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Chalco's original intended bid was announced on April 2, 2012. Ivanhoe has entered into a lock-up agreement with Chalco and has agreed to tender all of its SouthGobi shares, on a pro-rata basis, to Chalco. With the exception of the 30-day extension to the date of launching the bid and the date the bid is expected to be taken up at the latest, all other terms and conditions of the lock-up agreement remain in place.
The proportional offer from Chalco will be made by way of a takeover-bid circular under British Columbia law and will be made to all SouthGobi shareholders.
The proportional offer by Chalco is subject to all statutory and regulatory approvals, including Canadian and Chinese regulatory approvals, and Chalco shareholder approval. On April 25, 2012, Ivanhoe and Chalco confirmed they will cooperate with the Government of Mongolia to ensure any requirements under the country's new strategic foreign investment legislation are satisfied.
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