Royal Bafokeng Platinum (RBP) said an offer by Northam Platinum to acquire all the RBP shares it did not already own had been terminated as the platinum price had slipped below a level stipulated in the agreement.
On November 9, 2022 Northern made an offer to acquire all of the RBP shares it does not already own.
In the offer, Northam said the offer could terminate due to the occurrence of the certain specified material adverse Change events. Northam, which already owns about 35% of RBP, had made its offer at R172.20 per share.
Last week Northam said two separate adverse events had occurred namely a decline below a specified level and for a specified period of the rhodium price and the 4E ZAR basket price.
Northam said the proposed offer had thus terminated.
Meanwhile, Impala Platinum Holdings’ offer for control of RBP remained the only offer to RBPlat shareholders. The closing date for the Impala offer had been extended to April 28, 2023.
BUSINESS REPORT