Inca Pacific Resources Inc. (CVE:IPR) (PINK:IPRFF) got their share price flying after the company announced they are going down with an acquisition proposal from Compañía Minera Milpo S.A.A.
IPR added nearly 76% on the open market on Tuesday under a record breaking trading volume of 9 million. The stock price hit a multiyear high of 58 cents per share and will continue to trade around this level because of the game changing news.
Compañía Minera Milpo S.A.A., a Peru based company publicly traded on the Lima stock exchange, entered into a definitive agreement with IPR to acquire all of the outstanding shares of the Canadian business.
Following the agreement, the shareholders of Inca are entitled to receive $0.61 in cash for each of their shares. Option holders will be able get adequate cash payments as well and out-of-the-money options will simply be canceled.
The transaction still has to be approved by the shareholders of IPR which is planned to happen in late October. The deal would close shortly afterwards if approved.
