Champion Iron Limited (CIAFF,CIA.TO,CIA.AX) announced that it has entered into a transaction agreement with Rana Gruber ASA, a Norwegian producer of high-grade iron ore. Under the terms of the conditional recommended voluntary cash tender offer, Champion will acquire all of the issued and outstanding shares of Rana Gruber at 79 Norwegian Kroner or US$7.79 per share. The offer represents a total equity value of approximately 2.930 billion Kroner or US$289 million.
The transaction has received unanimous support from Rana Gruber's executive management and board of directors. In addition, shareholders holding about 51% of Rana Gruber's issued and outstanding shares have entered into pre-acceptance undertakings, agreeing—subject to certain terms and conditions—to tender their shares into the offer.
Champion expects to finance the transaction through a mix of equity, debt, and cash on hand. This includes a US$100 million equity private placement with Caisse de dépôt et placement du Québec, a global investment group and long-standing financial partner of the Company. The funding package also comprises a fully committed US$150 million term loan underwritten solely by The Bank of Nova Scotia.
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