Wyloo Metals has reached another milestone in its takeover of Mincor Resources after the target’s second-biggest shareholder agreed to sell its 7 per cent stake.
IGO on Friday agreed to sell its shares to Wyloo, taking the Andrew Forrest-controlled company’s holding in Mincor to nearly 70 per cent.
Over 43 million Mincor shares had been traded by 10.20am — the average daily volume is 2.5 million shares.
It is understood exchange traded funds will also have to sell into Wyloo’s $1.40 a share offer when it reaches the 70 per cent threshold, making it easier for the suitor to gain full control of Mincor.
The Kambalda nickel miner is expected to be de-listed from the Australian Securities Exchange if Wyloo achieves the 90 per cent stake required for a compulsory acquisition.
Wyloo launched its $760 million on-market takeover offer on March 21.
