Energy Fuels, Australian Strategic Materials takeover remains fair
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· An independent expert declared the Energy Fuels acquisition of Australian Strategic Materials fair despite a stock slump.
· The revised implied offer value fell from $1.25 per share after the suitor's shares dropped.
· Shareholders will vote on the revised scheme on Aug. 12 following court approval.
An independent report deemed the Energy Fuels (NYSE:UUUU) takeover of Australian Strategic Materials (ASX:ASM) fair at $1.25 per share.
The valuation holds despite Energy Fuels stock dropping from US$23.52 to US$11.71 since January.
An independent expert confirmed the revised deal remains in the best interests of shareholders.
Under the scheme, target owners receive 0.053 new suitor shares and 13 cents cash per share.
Following the announcement, the Australian Strategic Materials share price was unchanged at $1.02.
Federal Court approval allows shareholders to vote on the transaction on Aug. 12.
The updated offer represents a 75% premium to the stock price prior to the deal.
