Norilsk Nickel, one of the world's largest producers of nickel, palladium, platinum and copper, offered in early May to buy all of LionOre's common stock, paying 21.50 Canadian dollars (US$19.42) in cash per share.
The Russian metals giant subsequently increased its cash offer to 27.5 Canadian dollars (US$25.32) per common share.
Norilsk Nickel and LionOre announced June 15 they had entered into a support agreement in the wake of the Russian metals giant's offer to acquire all of LionOre's outstanding common stock in a friendly, all-cash transaction for around 6.8 billion Canadian dollars (about $6.4 billion) or 27.5 Canadian dollars (US$25.32) per common share.
The Russian company earlier said it was seeking to acquire LionOre to boost metals output, expand the geography of its operations, and implement "exciting projects."
LionOre is a global nickel and gold producer with operations in Australia, Botswana and South Africa. In 2006, LionOre produced 34,094 metric tons of payable nickel and 155.203 ounces of gold.
