Australian miner St Barbara drops on deal to buy smaller rival Bardoc Gold

Barings BDC

20/12/2021 24:41

** Shares of gold miner  SBM.AX  drop as much as 7.1% to
A$1.365, biggest intraday pct. fall since Sept. 17
    ** SBM says it will acquire smaller rival Bardoc Gold
 BDC.AX  by way of scheme of arrangement  urn:newsml:reuters.com:*:nASXRxwHf
    ** Transaction values BDC at ~A$157 mln ($111.83 mln) at
A$0.530 per share, representing a 29% premium to stock's closing
price on Dec. 17 - SBM
    ** SBM says on a pro-forma basis, SBM shareholders will own
~87% and BDC shareholders will own ~13% of all issued SBM shares
after deal closes
    ** BDC shares surge as much as 19.5%, their biggest intraday
pct. gain since Feb. 12, 2019
    ** SBM stock down 37.7% this year, as of last close


($1 = 1.4039 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))