Sibanye-Stillwater Increases Offer for Lonmin

Sibanye-Stillwater Limited has increased its offer to acquire Lonmin Plc, the companies announced on April 25, 2019. The revised all-share offer proposes that Lonmin shareholders will receive one new Sibanye-Stillwater share for every Lonmin share they hold, an improvement from the initial offer of 0.967 shares.

The transaction, structured as a scheme of arrangement under UK company law, aims to combine two significant platinum group metal producers. Sibanye-Stillwater stated that the enhanced offer reflects an agreement between the companies and is intended to secure the deal's completion.

Alongside the increased offer, Sibanye-Stillwater also published the Lonmin scheme circular and its own circular detailing the transaction terms for shareholders. J.P. Morgan Cazenove has confirmed its consent to the publication of these announcements, including references to the bank.