KMK:CA announced that it has signed a letter agreement to be acquired by Jinchuan Group Ltd, a large China-based mining group, for approximately $432 million. The agreement provides for the acquisition of 100% of Continental’s approximately 166 million common shares at $2.60 per. The acquisition price represents a 13% premium to the closing trading price of Continental’s common shares September 14.
The Board of Directors is also proposing to include a special cash distribution of up to $0.10 per Continental share outstanding immediately prior to completion of the acquisition. The arrangement will require the approval of Continental’s securityholders.
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