Global investment company Pala Investments Holdings Ltd. is making an unsolicited $85.7-million cash offer to acquire Rockwell Diamonds Inc., a Vancouver company with operations in Africa.
The 36-cents-per-share offer represents a premium of about 84.6 per cent over Rockwell’s TSX closing price on Monday, Pala said yesterday.
The company, which already owns about 19.9 per cent of Rockwell, has been trying to buy the firm for months.
Joseph Belan, managing director of Pala Investments AG, adviser to Pala, said the offer "is the culmination of our efforts in recent months" to convince Rockwell’s management and board to pursue "value-enhancing options, including Pala’s recent friendly offer to acquire the company direct payday loan cash advance.
"No action was taken on any of these options, leaving us with no alternative but to take this offer directly to Rockwell shareholders," he said.
The offer expires Nov. 10 and is conditional on Pala acquiring two-thirds of Rockwell and a due diligence review.
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