(MENAFN- ProactiveInvestors) () has received the final court approval for its acquisition by () with the deal expected to close by the end of November.
The news follows 99% of Curis shareholders approving the friendly acquisition last week.
After closing Curis shares will be delisted from the Toronto Stock Exchange and the company will cease to be a reporting issuer.
Taseko will gain access to Curis's in-situ recovery Florence copper project in southern Arizona and will help navigate the property through the permitting process which could be delayed into next year.
Analysts believe the acquisition is positive for both Taseko and Curis and addresses Curis's desire to raise capital to bring its Florence copper project into production.
When announced the deal represented a 40 premium to Curis's previous financing price of 75 cents while also preventing any further dilution Curis shareholders would face with additional financings. Taseko also agreed to provide Curis with a US$2 million short-term loan to ensure Curis remains liquid through the closing of the deal.
Under the terms Curis shareholders will get 0.438 Taseko shares for every one Curis share held implying a value of around 71 cents per share for Curis. When the deal was announced in September the terms implied a value of $1.055 per share for Curis.
Prior to the transaction Taseko was already a 17.3 percent shareholder of Curis.
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