TECK - Glencore seals deal to buy remaining PolyMet shares for $2.11/share

2023-07-17 08:25:04 ET

PolyMet Mining ( NYSE: PLM ) +1.9% pre-market Monday after Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) agreed to acquire the 17.8% of the issued and outstanding common shares of the company it does not already own for US$2.11/share in cash.

The purchase price represents a 167% premium over the $0.79/share closing price as of June 30, which was the last trading day prior to Glencore's ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) non-binding proposal to buy the Minnesota-based company, and values PolyMet ( PLM ) at ~$410M.

PolyMet ( PLM ) is seeking to develop developing the NewRange Copper Nickel project in a 50-50 joint venture with Teck Resources ( TECK ), but it has been stalled by court and regulatory setbacks.

More on PolyMet Mining:

• Financial and valuation comparison to sector peers
• Analysis: PolyMet Mining: Things To Consider Before Jumping On The Bandwagon
• Stock price return: Down 19% YTD, down 22.5% in the past 12 months

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