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Conyers Dill & Pearman is advising Iluka Resources Limited (“Iluka”) on its proposed acquisition of Sierra Rutile Limited (“SRL”), an AIM-listed BVI company with mineral sands mining operations in Sierra Leone. The takeover, which is to be implemented by way of a British Virgin Islands statutory merger, is valued at approximately GBP215 million and is subject to approval by SRL’s shareholders and satisfaction of other customary conditions.
The transaction underscores Conyers’ leading position in advising on takeovers of BVI listed companies, having advised on seven out of the last eight take-privates of BVI companies, including the US$1.35 billion acquisition of UTi Worldwide by DSV earlier this year.
Anton Goldstein of Conyers’ BVI office worked alongside Ashurst in advising Iluka on the transaction.