Australia's Base Resources rise twofold on takeover offer from US-based Energy Fuels

Base Resources

22/04/2024 01:30

** Shares of Base Resources  BSE.AX  turbo-charge nearly
twofold to A$0.220, set for their best day since Nov 14, 2008,
if current trend holds 
    ** Stock emerges as top gainer in ASX All Ordinaries Index
 .AORD  
    ** The mineral sand producer says Energy Fuels  UUUU.A , a
U.S.-based uranium minerals producer has agreed to acquire the
co, forming a combined entity of about $1.14 billion
    ** Says total equity deal consideration is for A$375 mln 
($241.20 mln); A$0.302 per share represents a 188% premium to
BSE's last close on April 19  
    ** Co adds the board unanimously recommends shareholders to
vote in favour of scheme 
    ** Shares hit highest since Sept 7, 2023 
    ** Stock has fallen 32.26% this year, as of last close


    ($1 = 1.5547 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))