The Northern Star Resources Ltd (ASX: NST) share price is up around 26% over the past year on the back of a rising gold price and the miner has also employed an aggressive acquisition strategy to boost growth.
Back on September 5 Northern Star announced a 33 cents per share cash off-market takeover for Echo Resources Limited (ASX: EAR). The offer was at a 42% premium to the volume weighted average price of Echo shares of 23.2 cents over the 10-day period to August 19 2019.
Northern Star already owns 59.2% of Echo and is now seeking to takeover the rest of Echo at the same cash offer price.
For the 9 months to June 30 2019 Echo posted an operating cash loss of $13.2 million on no sales revenue, but did have $17.4 million cash on hand and extensive gold tenements.
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.