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Western Prospector agrees to takeover by Tinpo Holdings |
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Wednesday, 16 July 2008 |
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Western Prospector Group Ltd.
(TSX VENTURE:WNP) and Tinpo Holdings Industrial Company Limited announced,
Tuesday, the agreement for Tinpo to acquire all outstanding common shares
of Western for $1.34 Canadian per share in cash. Following the purchase,
Western's equity will be valued at approximately $74 million Canadian.
The offer represents an 86
percent premium to Western's closing price of $0.72 Canadian on July
14 and a 168 percent premium to Western's closing price of $0.50 Canadian
on May 9, 2008, which was the last trading day prior to the unsolicited
takeover bid by Khan Resources Inc.
According to the terms of the
agreement, the offer by Tinpo will be in the form of a takeover bid,
and a subsidiary of Tinpo will acquire all of Western's outstanding
shares. As a result, Western will effectively become a private company.
"Tinpo's offer represents
a significant premium to the recent trading price of Western and to
Khan's bid, and we believe that it offers a fair value for Western's
assets. We are pleased that Western's Board of Directors unanimously
supports this offer," said Howard Balloch, spokesperson for Tinpo.
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