Rex Minerals signed a scheme implementation deed with MACH Metals Australia.

Under the deal, MACH will acquire all Rex shares it does not own for 47 cents per share, valuing Rex Minerals at $393 million.

The transaction requires Foreign Investment Review Board and shareholder approval but is not contingent on financing or due diligence.

Rex’s board has unanimously recommended shareholders vote in favour of the transaction unless a superior proposal emerges.