Underground precious metals operator Hochschild Mining has announced the expiry of a successful bid for Andina Minerals.
The company's wholly-owned subsidiary, known as 1710503 Alberta, had extended an offer to acquire all of the outstanding shares of Andina Minerals for CAD $0.80 per share on December 28th. On January 11th, the company said that tenders were received for an additional 5,308,672 shares.
After taking up the deposited shares, Hochschild and its affiliates own 117,432,924 shares, representing 90.84% of the outstanding shares on a fully-diluted basis.
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As more than 90% of the shares sought were deposited to the offer, Hochschild intends to acquire all of the remaining shares of Andina not deposited under the offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).
Hochschild's share price was down 0.04% to 461.30p at 09:53 on Monday morning.
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