Financial Press: Ottawa Trader Makes Hostile Takeover Bid For Nautilus Minerals
Ottawa, Ontario (PRWEB) January 08, 2013
OTTAWA, ONTARIO--(Ottawa - January. 7, 2013) - Michael Bailey and his family office solely controlled by him announced today the commencement of a tender offer for all outstanding shares of common stock of Nautilus Minerals Ltd. for $0.97 per share, net to the seller in cash.
Under the terms of the tender offer, the family office controlled solely by Michael Bailey will commence a hostile all cash bid to purchase all the outstanding shares of Nautilus Minerals Ltd. for $0.97 CAD per share for an aggregate purchase price of $237.99 million CAD. This represents a 108.6 % premium to the previous day closing price of Nautilus' stock.
The tender offer is scheduled to expire at 12:00 midnight, Eastern Standard Time, on March 1, 2013, unless the tender offer is extended. The tender offer is conditioned on the tender of a majority of Nautilus's shares calculated on a fully-diluted basis, as well as the receipt of certain regulatory approvals and other customary closing conditions.