Australia's Genesis Minerals rises on $452 million Magnetic Resources buyout

Magnetic Resources NL

16/02/2026 03:56

** Shares of Australia's Genesis Minerals GMD.AX rise as much as 8.6% to A$7.47, their biggest intraday pct gain in four months

** Gold explorer GMD says it will acquire gold developer, Magnetic Resources MAU.AX for implied equity value of about A$639 million ($452.80 million)

** GMD says it will offer MAU shareholders A$1.40 per share and 0.0873 GMD for each MAU share, implying value of A$2.00 per MAU share and 25% premium as of MAU's last close

** GMD says MAU Board unanimously recommends MAU shareholders vote in favour of the scheme

** MAU up 27.8% to A$2.045, touching its record highest level

** MAU stock marks biggest intraday pct gain in 7 years

** GMD up 2.4% YTD, MAU up 56% YTD

($1 = 1.4112 Australian dollars)

 (Reporting by Aamir Sheik Khalid in Bengaluru)

 ((Aamir.SheikKhalid@thomsonreuters.com))