Asia Pacific finds a buyer

Potash developer Asia Pacific Resources (APQ-T) has inked an agreement for a friendly bid from a Thai company to take over the company. The cash deal values Asia Pacific at $85.3 million.

The takeover bid, from a subsidiary of Italian Thai Development based in New Brunswick, offers 14.25 per share for a minimum of two-thirds of Asia Pacific’s shares. It also offers 1.75 for warrants exercisable at 12.5, and the bidder is willing to extend the warrants beyond their current expiry, May 26, to accommodate warrant holders.

There is a $3 million break fee in the agreement.

Asia Pacific, whose principal asset is the Udon Thani potash deposit in Thailand, has been seeking a locally based group to take up an ownership position in the project. Italian Thai Development is a Thai-domiciled company active in civil construction and mining contracting.

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