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    Molycorp Purchasing Neo Material Technologies

    Investing News Network
    Mar. 08, 2012 03:15PM PST
    Rare Earth Investing

    Molycorp (NYSE:MCP) announced its acquisition of Neo Material Technologies (TSX:NEM) for $1.3 billion.

    Molycorp (NYSE:MCP) announced its acquisition of Neo Material Technologies (TSX:NEM) for $1.3 billion.

    As quoted in the press release:

    Under the agreement, which was unanimously approved by the two companies’ boards of directors, Neo Materials shareholders will receive consideration equal to CDN$11.30 per share, comprising of CDN$8.05 per share in cash and 0.122 Molycorp shares based on Molycorp’s 20–day volume weighted average price of US$26.66.

    Click here for the Molycorp (NYSE:MCP) press release.

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