International Mining & Infrastructure Corporation (LON:IMIC) has increased its stake in its takeover target Afferro Mining (LON:AFF) to 9.94% through the purchase of an additional 5.2 mln shares.
IMIC has made a cash and share offer for Cameroon iron explorer Afferro that values it at US$190mln (£126mln) or 120p a share, which includes a cash element worth 80p.
It bought its latest trance of Afferro shares at average price of 77.89p on the open market.
As a result of this share purchase, an option for IMIC to acquire up to 1.8% of Afferro with associated voting rights has been cancelled.
Afferro’s board recently said it would recommend IMIC’s offer to shareholders subject to the completion of the financing arrangements.
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