Gold One International receives South African competition commission approval for cash offer

Gold One International (ASX: GDO, JSE: GDO) has ticked another box in the cash offer from a Chinese consortium with the South African competition commission granting unconditional approval for the offer.

Gold One added that the other remaining regulatory conditions precedent to the transaction which include, inter alia, approval by the Namibian Competition Commission as well as relevant Chinese approvals, are progressing well and in line with the anticipated timetable.

The offer comprises a series of interdependent transactions, including a cash offer of A$0.55 per Gold One share and a minimum A$150 million capital injection into Gold One by the consortium.

Gold One said that the transaction has a number of benefits for shareholders, including:

- An attractive cash offer of A$0.55, representing a significant premium for shareholders who wish to accept the offer for some or all of their shares;
- A significant cash injection into Gold One to accelerate its growth plans;
- The introduction of a strong, long-term partner with a common strategic vision; and
- The creation of an effective and capable platform for further industry consolidation.

Gold One will now conduct a general meeting of shareholders in early September.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18429/gold-one-international-receives-south-african-competition-commission-approval-for-cash-offer-18429.html