MAC Copper (ASX:MAC) entered a binding scheme implementation deed with Harmony Gold Mining for the South Africa-based mining and exploration company to acquire all the shares in MAC Copper via a scheme of arrangement for $12.25 per share in cash, according to a Tuesday filing with the Australian bourse.

The offer represents a premium of over 32% based on the 30-day volume-weighted average prices of MAC's shares on the New York Stock exchange up to May 23, and a premium of nearly 21% to the closing price of the company's shares on May 23 of $10.15 per share on the NYSE, the filing added.

The deal is subject to Foreign Investment Review Board and Bank approvals, with a scheme meeting expected in mid-August, the filing added.

The board recommends that shareholders vote in favor of the scheme in the absence of a superior proposal.

MAC Copper's shareholders, Fourth Sail, Osisko, Sprott, Victor Smorgon, and Bluescape, who collectively hold a stake of 20.1% of the company, indicated their support for the proposed acquisition.