Canada’s Breakwater Resources Agrees to Nyrstar Offer
Wednesday, June 15, 2021 5:12 AM

Related Stories

Canada-based mining, exploration and development company, Breakwater Resources Ltd. (Toronto: BWR) said today that it has entered into a binding agreement with Belgium-based Nyrstar NV, the world’s biggest zinc producer, under which Nyrstar has agreed to make an all-cash offer to acquire all of the issued and outstanding shares of Breakwater Resources.

The deal is considered to be a part of a strategy at Nyrstar, of buying more mines to increase its self-sufficiency. The acquisition will increase the percentage of zinc Nyrstar gets from its own mines to 43 percent from 31 percent, bringing it closer to its medium-term target of 50 percent.

The Nyrstar Offer, together with the Breakwater Special Dividend, implies a total transaction value to Breakwater shareholders of approximately $ 684.5 million (C$663 million) on a fully diluted basis. Nyrstar said on Wednesday it will pay an agreed C$7.00 per share and Breakwater shareholders will also get a special dividend of C$0.50. The offer represents a premium of approximately 44 percent over Breakwater's closing share price of C$5.20 on the Toronto Stock Exchange (TSX) on Tuesday, and a premium of 41 percent to Breakwater's volume weighted average price of C$5.31 on the TSX for the 20 trading days ending prior to the announcement of the Nyrstar Offer.

Commenting on the offer, Breakwater's Chief Executive Officer, David M. Petroff said: "The offer made by Nyrstar represents an attractive and fair premium to the current share price. The tremendous efforts of our employees and the investments in the productivity and efficiency of our operations have been effective in drawing the attention of an internationally respected integrated smelting company. Nyrstar's Offer provides Breakwater's shareholders with immediate liquidity and accordingly, we are recommending shareholders tender their shares to the Nyrstar Offer."



Symbol :


Market news:

  • Energy Transfer Equity Buying Southern union for $7.9 Billion Jun 16, 2021 07:18 AM

    Energy Transfer Equity L.P. (NYSE: ETE) said today, that it has agreed to acquire nation’s leading diversified natural gas company Southern Union Company (NYSE: SUG).

  • Terex Corp. to Buy Demag Cranes for $1.4 Billion Jun 16, 2021 06:24 AM

    Terex Corporation (NYSE: TEX) has agreed to acquire the German supplier of cranes, Demag Cranes AG for approximately $1.4 billion (963 million euros). The company had to raise its offer in order to win over the management of the German company.

  • Global Stocks Hit by Greece’s Debt & Political Turmoil Jun 16, 2021 05:42 AM

    Stocks in Asia and Europe tumbled Thursday after reports on violent unrest in Libya surfaced amid the country’s deteriorating debt crisis and a disappointing US manufacturing data.

  • India’s RBI Hikes Key Rates by 25 bps, as Expected Jun 16, 2021 04:41 AM

    The Reserve Bank of India on Thursday raised the short-term lending (repo) rate by 25 basis points to 7.50 percent and the short-term borrowing (reverse repo) rate will move up by a similar margin to 6.5 percent, citing ongoing inflation pressures in the economy.

  • Citigroup Confirms 360,000 Customers Affected by Hackers Jun 16, 2021 03:50 AM

    Citigroup Inc. (NYSE: C) on late Wednesday said that hackers stole account information of more than 360,000 Citigroup’s US credit card customers in the cyber attacks in May, almost twice as many people as the bank figure’s had initially suggested.

More news


    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
GggHhh GR$1.32
DanielArgot GES$0.44
ja teremtipTTG Investments GE$0.28
markinsurace guru CINF$0.36