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Blumont makes general offer for Australian diamond producer

Published on Feb 28, 2014 7:43 PM

Blumont Group has made a general offer for Australia's third largest diamond producer, Sydney-listed Merlin Diamonds.

Singapore-listed Blumont already owns 10.92 per cent of Merlin and now wants the rest of it.

It is offering 5.7 new Blumont shares for every two Merlin Diamond shares held by existing investors. The bid for 358.455 million Merlin Diamond shares values each unit of the Australian firm at 15.18 Australian cents.

The takeover offer is conditional on Blumont acquiring an interest of at least 50.1 per cent Merlin Diamonds.

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