News

Tanzanite One receives £33m bid from Gemfields

12 September 2008 07:53:00

Gemfields Resources has launched a bid for tanzanite miner TanzaniteOne worth 45p per share in cash or shares or £33m in total.

Gemfields already controls 13.7% of TanzaniteOne, which with other irrevocable acceptances takes the total of shareholders backing the bid to 32.6%

TanzaniteOne, though, gave a cautious response to the bid. "As set out in the Gemfields announcement, Gemfields has provided no certainty that any offer will actually be made, the full terms and conditions of any offer or the timing of any offer. As such, the board advises shareholders to take no action until the board has had an opportunity to consider the proposed offer and make a recommendation to shareholders.

Gemfields said it wrote formally to the board of directors of T1 on 2 September proposing an amalgamation of Gemfields and T1 and noting that this might best be achieved by Gemfields making an offer to T1 shareholders.

T1 replied it would consider the proposal at a meeting scheduled for 19 September 2008, Gemfields added.

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