A gold miner backed by property magnate Nick Candy has bought a rival in a £90million deal. Metals Exploration swooped on Condor Gold with a bid of £67.5million up front in cash and shares.
Condor shareholders will also be entitled to £22.6million in the future if it hits gold production and resource targets.
The tie-up came after the Mail revealed Metals Exploration – 38 per cent-owned by Candy – was prepared to go hostile with its bid.
But Jim Mellon, Condor’s chairman, and other investors supported the move. Mellon, 67, owns 26 per cent of Condor, while Candy, 51, whose wife is pop star Holly Valance, made his fortune through luxury developments.
Metals operates in the Philippines and its shares have more than doubled in a year. Condor owns a project in Nicaragua.
Windfall: Nick Candy (pictured with wife Holly Valance) owns a 38% stake in Aim-listed Metals Exploration
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .