SUCCESSFUL OFF-MARKET TAKEOVER OF BULLSEYE MINING LIMITED BY EMERALD RESOURCES NL

MPH acted for public unlisted gold development and production company Bullseye Mining Limited in relation to the all-scrip off-market takeover offer made by Emerald Resources NL for the company, which closed on 26 April 2024 with Emerald having successfully moved to a relevant interest of 99.55% in Bullseye. Emerald will now move to compulsorily acquire the remaining shares in Bullseye under Chapter 6A of the Corporations Act. Emerald’s offer, under which Bullseye shareholders received 1 new Emerald share for every 4 Bullseye shares held by them, valued Bullseye at approximately $432 million based on the closing price for Emerald shares on ASX of $3.41 as at the date the offer closed. MPH advised Bullseye in relation to all aspects of its response to the Emerald offer, including negotiation of the Bid Implementation Agreement with Emerald, preparation of Bullseye’s relevant Target’s Statements and Supplementary Target’s Statements, providing ongoing advice to Bullseye’s Independent Board Committee regarding various matters arising and acting for Bullseye in relation to Takeovers Panel proceedings brought in connection with the offer (including advising Bullseye in relation to a separate Independent Expert Report process required by the Panel).

Mark Burchnall (Director), Taila Childs (Senior Associate) and Daniel Murdzoski (Senior Associate) led the team advising on all aspects of the takeover and associated Panel proceedings, assisted by Laura Zollo.