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Share Name | Share Symbol | Market | Type |
---|---|---|---|
KWG Resources Inc (PK) | USOTC:KWGBF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.01 | 3.25 | 59 | 18:10:27 |
DOW JONES NEWSWIRES
Cliffs Natural Resources Inc. (CLF) said Spider Resources Inc. (SDERF, SPID.RQ) broke off its agreement to merge with KWG Resources Inc. (KWGBF, KWG.V) and accepted Cliffs' offer to take over the company.
All three companies are partners in a chromite project in Northern Ontario. Earlier this month, Cliffs raised its bid on Spider 27% to about C$109 million (US$102.6 million), which Spider determined trumped the terms it agreed to when it entered a binding letter of intent to merge with KWG. KWG had about five days to match the offer, which it told Spider earlier Friday that it didn't intend to do.
Neither KWG nor Spider have significant assets outside the chromite project.
Friday, Cliffs said Spider supported its all-cash offer at C$0.19 a share, which it said was a 138% premium. Spider had paid KWG a C$2.3M breakup fee.
Chromite is used to make chromium, which is in turn used in the production of stainless steel.
Cliffs shares were down 0.5% at $46.65 after hours. The stock has nearly doubled in value in the last year.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
1 Year KWG Resources (PK) Chart |
1 Month KWG Resources (PK) Chart |
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