Business
Iberian Board agrees to recommend Trafigura Offer of Cdn.$1.10 per share for the company and provides 2012 guidance
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About this update from Inzinc Mining Ltd.
[{"type":"text","content":"\n\n\n\n\n\nNot for distribution to United States newswire services or for\n dissemination in the United States\n\n\nTORONTO, Nov. 17, 2011 /CNW/ - Iberian Minerals Corp. (\"Iberian\")\n (IZN:TSXV) announces that it has entered into an agreement (the\n \"Pre-Acquisition Agreement\") with Trafigura Beheer B.V. (\"Trafigura\")\n pursuant to which Trafigura has agreed, subject to the terms of the\n Pre-Acquisition Agreement, to make an offer to purchase all outstanding\n registered shares of Iberian (the \"Iberian Shares\") that it does not\n already own by way of a take-over bid at a price of Cdn.$1.10 per\n Iberian Share in cash (the \"Offer\").\n\n\nAfter consulting with its financial and legal advisors and upon the\n recommendation of a special committee comprised of the independent\n directors of Iberian (the \"Special Committee\"), the Board of Directors\n of Iberian entitled to vote on the matter has unanimously determined\n that the Offer is fair, from a financial point of view, to the holders\n of Iberian Shares and in the best interests of Iberian and its\n shareholders and has agreed to recommend to shareholders that they\n accept the Offer.  Cormark Securities Inc. (\"Cormark\"), the financial\n advisor to the Special Committee, has provided an opinion to the effect\n that, as of the date of such opinion and based upon and subject to the\n assumptions, limitations and qualifications stated in such opinion, the\n consideration proposed to be paid to the holders of Iberian Shares\n (other than Trafigura and its affiliates) pursuant to the Offer is fair\n from a financial point of view to such shareholders.\n\n\nTrafigura is Iberian's largest shareholder owning approximately 218.4\n million Iberian Shares representing approximately 48.3% of the issued\n and outstanding Iberian Shares.  Accordingly, the Offer will be an\n \"insider bid\" pursuant to Multilateral Instrument 61-101 and requires a\n formal independent valuation to be completed.  Cormark was retained by\n the Special Committee to complete such valuation and has determined\n that the Offer is within the range determined by such valuation.  The\n details of Cormark's valuation will be included in the take-over bid\n circular to be mailed to Iberian's shareholders in respect of the\n Offer.\n\n\nThe Special Committee, in its review of the Offer...