Aquarius Platinum rockets on Sibanye Gold offer

6th Oct 2015 14:21

(ShareCast News) - Shares in Aquarius Platinum rocketed as investors welcomed news that Sibanye Gold has agreed to buy the company for $294m.Under the terms of the deal, Aquarius shareholders will receive $0.195, or ZAR2.66 per share for Aquarius share held. This represents a premium of 60.3% to Aquarius' closing price on 5 October.Chairman Sir Nigel Rudd said: "The board of Aquarius has carefully considered the proposal received from Sibanye, taking into account all relevant company and macro considerations."The board also took advice from its advisors and engaged with a select number of significant shareholders in the company regarding the proposal and, having taken their feedback into account, have unanimously recommended the proposal subject to an independent expert determining that the proposal is fair and reasonable and in the best interests of Aquarius' shareholders and subject to no superior proposal emerging."Aquarius, which has been under the cosh recently on the back of falling platinum prices and rising costs, owns stakes in the Kroondal mine and Platinum Mile retreatment facilities near Rustenburg in South Africa and the Mimosa joint venture with Impala Platinum in Zimbabwe.At 1432 BST, Aquarius shares were up 38% at 11.06p.