Allied Group Launches Buyout Offer for Dragon Mining

MT Newswires Live

06/03

Allied Group (HKG:0373), via its unit Wah Cheong, has proposed a HK$2.60 per share cash offer for Dragon Mining (HKG:1712), according to a Monday filing with the Hong Kong Exchange.

The offer is open for acceptance until Aug. 1, unless extended. Dragon Mining is expected to issue a response by June 16.

A competing HK$2.20 offer from Allied Properties has been withdrawn. Consequently, APAC Resources (HKG:1104) terminated its related major transaction, with no material impact expected.

Shares of Dragon Mining closed about 5% lower on Tuesday.

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