World number six gold miner Harmony Gold on Thursday announced that it has elected to waive the minimum acceptance condition — that it secure 50,1% of Gold Fields stock — in terms of its subsequent offer to Gold Fields shareholders.
“As a consequence, the subsequent offer has been declared unconditional as to acceptances, and Gold Fields shareholders who tender into the subsequent offer will be entitled to the offer consideration of 1,275 Harmony shares for every Gold Fields share, irrespective of the percentage of Gold Fields shares acquired by Harmony,” Harmony said.
The only remaining condition that needs to be fulfilled in the subsequent offer is the obtaining of the requisite regulatory approvals, which are expected soon, Harmony added.
Harmony has acceptances totalling 31,5% of Gold Fields’ stock.
“Harmony reconfirms that its offer of 1,275 Harmony shares for every Gold Fields share reflects full value, including a control premium, and will enable us to gain control of the company,” said Harmony chief executive Bernard Swanepoel in a statement.
By 5pm on Thursday, valid acceptances of the subsequent offer had been received in respect of 44 416 Gold Fields shares.
“Harmony considers this level of acceptances to be entirely consistent with customary market practice where an offer is still awaiting approval from the competition authorities,” Harmony said. — I-Net Bridge