Confirming media speculation, Regis Resources Limited (ASX: RRL) this morning announced that it has submitted a confidential, indicative and incomplete proposal to acquire small-cap gold developer Capricorn Metals Ltd (ASX: CMM).

The indicative proposal contemplates an offer of 11.4 cents in Regis shares per Capricorn share, representing a premium of 93.2% to the closing Capricorn share price on Friday, September 21, 2018.

The transaction is conditional on Regis receiving the recommendation of the Board of Capricorn, the support of Capricorn's major shareholders, and execution of a binding implementation agreement.

While Capricorn's Board has confirmed that it would unanimously recommend the proposal, Capricorn's largest shareholder, Hawke's Point, has not yet been prepared to support it. Hawke's Point holds an 18.9% interest in Capricorn.

A meeting has been scheduled this week between Regis and representatives of Hawke's Point to determine whether its support will be garnered.

The Regis Resources share price has fallen 7% this afternoon, down 29 cents to $3.85.

Capricorn Metals has seen its share price skyrocket higher on the news, up 51% to 8.9 cents.

The post Regis Resources Limited (ASX:RRL) shares lower on acquisition bid appeared first on The Motley Fool Australia.

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Financial services provider Scottish Pacific Group Ltd (ASX: SCO) has seen its shares zoom 15.37% higher after returning to trade this morning.

Up 58 cents, Scottish Pacific shares are trading at their highest ever price of $4.32 just before midday.

Why has the Scottish Pacific share price zoomed higher?

Scottish Pacific shares were placed in a trading halt at the end of trade on Thursday, pending a material announcement by the company regarding a possible takeover by Asian private equity firm Affinity Equity Partners.

This morning the company announced that it has agreed to the takeover, valued at around $630 million.

Under the terms of the Scheme, Scottish Pacific shareholders will be entitled to receive $4.40 per share in cash, representing a 17.6% premium to the last closing share price of $3.74.

The transaction will be implemented by a scheme of arrangement under Australian law and is subject to certain conditions that must be satisfied or waived for the Scheme to be implemented.

The Scottish Pacific board has unanimously endorsed the Scheme and recommend that shareholders vote in favour of it, subject to no superior proposal emerging.

Scottish Pacific's Chairman, Patrick Elliott, said: "Affinity Equity Partners' proposal represents a significant premium to SCO's recent share price, and entitles all SCO shareholders to receive up to 100% of the Scheme Consideration in cash which provides value certainty for shareholders. We believe the proposal is consistent with the Board's efforts to maximise shareholder value."

Scottish Pacific shareholders will be given the opportunity to vote on the Scheme at a meeting that is expected to be held on 30 November 2018.

If approved, the Scheme is expected to be implemented in late December 2018.

The post Scottish Pacific Group Ltd (ASX:SCO) shares leap 16% higher on Affinity takeover deal appeared first on The Motley Fool Australia.

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