Mineral Deposits bidding adieu to ASX investors

THEY managed to extract another 20% or so out of their partners but it’s now looking likely that the Mineral Deposits’ board won’t be getting any more for their ASX shareholders as their assets seemingly head the same potential way as the football World Cup …to France, and in particular in case of this mineral sands business, to French company Eramet.

Mineral Deposits bidding adieu to ASX investors Mineral Deposits bidding adieu to ASX investors Mineral Deposits bidding adieu to ASX investors Mineral Deposits bidding adieu to ASX investors Mineral Deposits bidding adieu to ASX investors

Eramet now holds nearly 63% of Mineral Deposits, having surged past the 50%-mark earlier this week.

Eramet's initial bid of $1.46 per share for Mineral Deposits in May was going nowhere, but the increase to $1.75 per share last month has done the trick.

While the increased bid remains below what Mineral Deposit's "independent expert's fair value range of $2.04 to $2.52 per share", it's arguably notable that it's more or less at the halfway point between what the ASX-listed company wanted to be paid (as a minimum), and what the French company wanted to pay.

In reality, Mineral Deposits' board, led by Nic Limb, has probably done as well as could have been hoped given the 50:50 joint venture structure Limb's company agreed to back in 2011 made it difficult to env...

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