Herbert Smith Freehills has advised Eldorado Gold Coöperatief UA (a wholly owned subsidiary of Eldorado Gold Corporation) (Eldorado Gold) on its successful A$30.5 million acquisition of all the outstanding shares of Glory Resources Limited (ASX: GLY) (Glory) via a recommended off-market cash takeover bid. Eldorado Gold owned 19.9% of the shares in Glory prior to the announcement of the transaction. All the issued options of Glory were also cancelled for a total consideration of approximately A$1.8 million.

Under the takeover bid offer, Glory shareholders received $0.17 cash for each share, representing a premium of 42% to the last closing price of Glory prior to the announcement of the transaction. 

The Herbert Smith Freehills team was led by M&A partners Tony Damian and Andrew Rich, supported by solicitors Malika Chandrasegaran and David Grainger. Also involved in the deal were Fasken Martineau DuMoulin LLP acting as Canadian legal adviser and GMP Securities L.P. acting as financial adviser.

Herbert Smith Freehills partner Tony Damian said “We are delighted to have been able to assist Eldorado Gold with this important acquisition.”

Herbert Smith Freehills has previously advised Eldorado Gold Corporation on its A$2.4 billion acquisition of Sino Gold Mining Limited in 2009 and on the Australian aspects of its C$2.5 billion acquisition of European Goldfields Ltd in 2011.