Molycorp Purchasing Neo Material Technologies

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.