Molycorp (MCP) Peers Feel the Love Following C$1.3B Neo Materials Deal (REE) (AVL) (TAS)
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Following Molycorp's (NYSE: MCP) move to acquire Neo Material Technologies, which was announced after the market closed Thursday, shares are up about 13 percent on the session.
Under the agreement, which was unanimously approved by the two companies’ boards of directors, Neo Materials shareholders will receive consideration equal to CDN$11.30 per share, comprising of CDN$8.05 per share in cash and 0.122 Molycorp shares based on Molycorp’s 20–day volume weighted average price of US$26.66.
But Molycorp isn't the only one grabbing investor attention. Rare Element Resources (AMEX: REE), Avalon Rare (NYSE: AVL), and Tasman Metals (AMEX: TAS) are also notably higher Friday. Rare Earth is up 14.9 percent, Tasman is 17.7 percent better, and Avalon is 3.6 percent in the green.
Under the agreement, which was unanimously approved by the two companies’ boards of directors, Neo Materials shareholders will receive consideration equal to CDN$11.30 per share, comprising of CDN$8.05 per share in cash and 0.122 Molycorp shares based on Molycorp’s 20–day volume weighted average price of US$26.66.
But Molycorp isn't the only one grabbing investor attention. Rare Element Resources (AMEX: REE), Avalon Rare (NYSE: AVL), and Tasman Metals (AMEX: TAS) are also notably higher Friday. Rare Earth is up 14.9 percent, Tasman is 17.7 percent better, and Avalon is 3.6 percent in the green.
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