Chile's SQM taps Hancock Prospecting in joint bid for Azure Minerals (ASX:AZS)

Azure Minerals signed a new binding transaction implementation deed with Sociedad Química y Minera de Chile and Gina Rinehart's Hancock Prospecting, outlining a proposed acquisition of 100% of Azure shares.

The transaction offers $3.70 per Azure share through a scheme of arrangement or $3.65 through an off-market takeover if the scheme is unsuccessful.

This replaces the previous SQM transaction, offering a premium and a fully diluted equity value of around $1.70 billion.

The deal is subject to regulatory approvals, Azure shareholder consent, and Foreign Investment Review Board approval.

Azure's board unanimously recommends the transaction, while major shareholders, such as Creasy Group and Delphi Group, intend to support the transaction.