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Adriatic Metals PLC on Friday said it has accepted a $1.25 billion takeover offer from Dundee Precious Metals Inc. The Toronto-listed gold mining company operates in Bulgaria, Serbia and Ecuador. It offered 93 pence in cash for each Adriatic share, plus 0.1590 of a new Dundee share. The deal values all of Adriatic - the operator of the Rupice silver mine in Bosnia - at $1.25 billion. It values each Adriatic share about 268p. This is a 50% premium from 178p on May 19, the day before Adriatic confirmed talks with Dundee for a potential offer. Adriatic shares rose 2.4% to 246.88p following Friday morning’s announcement in London. Dundee shares closed up 0.9% at C$20.52 in Toronto on Thursday. The takeover is expected to complete during the fourth quarter of this year, after which Dundee shareholders will own around 75% of the enlarged firm and Adriatic shareholders about 25%. Adriatic shareholders will be able to participate in a mix-and-match facility to vary the proportion of cash and new Dundee shares they receive, subject to off-setting elections. Dundee expects that cash will make up about 35% of the offer, with the aggregate payment by Dundee estimated at £321 million. The remaining 65% will be comprised of about 54.9 million new Dundee shares. Dundee on Friday said shareholders representing 37% of Adriatic shares, including Helikon Investments Limited and L1 Capital Pty Ltd, have committed to accept the offer. Adriatic Chief Executive Officer Laura Tyler said: ‘We see clear synergies between the asset portfolios of DPM and Adriatic, supported by DPM’s strong financial capacity and proven operational expertise. Together these strengths are expected to unlock further value for shareholders of both companies, in both the near and longer term. ‘Importantly, the creation of a diversified mining company in the Balkan region will bring benefits not only to our employees and shareholders, but also to local communities and broader regional stakeholders. This transaction presents a compelling opportunity to be part of a transformative and long-term success story - one we fully endorse and recommend to all our stakeholders.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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