A gold miner backed by property magnate Nick Candy has bought a rival in a £90 million deal. Metals Exploration selected Condor Gold with an offer of £67.5 million in cash and shares.
Condor shareholders will also be entitled to £22.6 million in the future if gold production and resource targets are met.
The deal came after the Mail revealed that Metals Exploration – 38 percent owned by Candy – was prepared to respond with hostility with its offer.
But Jim Mellon, Condor’s chairman, and other investors supported the move. Mellon, 67, owns 26 percent of Condor, while Candy, 51, whose wife is pop star Holly Valance, made his fortune in luxury developments.
Metals operates in the Philippines and its shares have more than doubled in a year. Condor owns a project in Nicaragua.
Windfall: Nick Candy (photo with wife Holly Valance) owns a 38% stake in Aim-listed Metals Exploration
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