Allens acts for Newcrest on proposed merger with Lihir
4 May 2010
Allens Arthur Robinson (Allens) is acting for Newcrest Mining Limited (Newcrest), one of the leading gold companies in the world, on its proposed merger with Lihir Gold Limited (Lihir).
Lihir is a leading global gold company with operations in Papua New Guinea, Australia and West Africa.
Newcrest and Lihir have entered into a Merger Implementation Agreement (MIA) today in relation to the proposed merger.
Under the MIA, subject to certain conditions, Newcrest will acquire Lihir under a scheme of arrangement.
The combined organisation would be Asia-Pacific’s leading gold producer.
The transaction will see Lihir shareholders receive one Newcrest share for every 8.43 Lihir shares they own, plus A$0.225 cash per share (less any interim dividend declared or paid by Lihir for the half year ending 30 June 2010).
Based on Newcrest’s closing price of A$32.06 on 3 May, the implied offer price from Newcrest is A$4.03 per Lihir share, valuing Lihir at approximately A$9.5 billion.
Allens, led by Partner Jon Webster and Senior Associate Gaurav Patel, advised long-standing client Newcrest on the proposed transaction and the MIA.
'We are very pleased to work alongside the team at Newcrest on this transaction that should provide outstanding results for shareholders of both companies,' said Mr Patel.
Ends
| Allens legal team | Led by Jon Webster (Partner – Melbourne) and Gaurav Patel (Senior Associate – Melbourne) |
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors..
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
