Shares of De Grey Mining Ltd (DEG.AU) plummeted 5.13% during Wednesday's trading session, as investors reacted to news of an imminent trading suspension and the finalization of its acquisition by Northern Star Resources Ltd.
The company announced that its shares will be suspended from trading on the Australian Securities Exchange (ASX) effective from the close of trading on April 23. This suspension comes as the scheme for the acquisition of 100% of De Grey Mining's shares by Northern Star Resources Ltd has been declared legally effective, marking a significant milestone in the takeover process.
The sharp decline in De Grey's stock price reflects investors' last-minute adjustments and potential profit-taking ahead of the trading suspension. The move also signals the market's response to the impending change in ownership, as the acquisition by Northern Star Resources progresses towards completion. Traders and shareholders are likely positioning themselves for the transition, leading to increased volatility in the stock's final trading sessions.
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