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CBLLF - Cobalt 27: The Deal Looks Good On Paper But The Reality May Disappoint
Carabella Res Ltd Nsw
Cobalt 27 Capital (CBLLF) announced that the company entered an arrangement agreement pursuant to which Cobalt 27 will get acquired by Pala Investments. However, the transaction must be accepted by Cobalt 27's investors first. The vote should be held by the end of August.
Pala already owns 19% of outstanding shares of Cobalt 27 and now, it offers C$5.75 (~$4.3) per common share, in a pursuit to acquire 100% of the company. It represents a very nice 65.4% premium to the pre-announcement closing share price of $2.6. However, this premium is only on