PolyMet Entered into Definitive Agreement for Glencore to Acquire Full Ownership For $2.11/Share In Cash
Portfolio Pulse from Charles Gross
PolyMet Mining Corp. (NYSE:PLM) has entered into a definitive agreement with Glencore AG for the latter to acquire the remaining 17.8% of PolyMet's common shares that Glencore does not currently own. The transaction, which is subject to approval by PolyMet shareholders and other customary closing conditions, offers a cash consideration of $2.11 per share to minority shareholders, representing a 167% premium to the closing price on June 30, 2023.
July 17, 2023 | 11:52 am
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POSITIVE IMPACT
The acquisition of the remaining shares of PolyMet by Glencore at a significant premium could lead to a short-term increase in PolyMet's stock price.
The news of the acquisition at a significant premium is likely to be viewed positively by the market, leading to increased demand for PolyMet's shares and a potential increase in its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100