QGX Ltd. (TSX:QGX) officials
have announced they will recommend accepting a takeover bid from Mongolia
Holdings Corporation.
QGX, based in Canada, has been
exploring for mineral deposits in Mongolia since 1994. QGX's two most
advanced properties are the Baruun Naran and the Golden Hills projects.
Mongolia Holdings Corporation,
a subsidiary of Kerry Holdings Limited, has offered to acquire the outstanding
common shares of QGX at a price of Cdn $5.00 per share.
QGX, has valued its total common
share capital of QGX at approximately Cdn$259 million. The offer by
Mongolia Holdings represents a 32 percent premium to QGX's volume.
Founded in 1993, Mongolia Holdings
Corporation is one of Mongolia's leading enterprises in six major industries,
including energy and infrastructure, information technologies, beverages,
property development, cashmere processing and mining. It is one of the
largest private sector companies in Mongolia, with over 3,200 employees.
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