Business News • MarketWire • Noranda Income Fund Announces Termination of Exclusivity Agreement With Xstrata Zinc |
Noranda Income Fund Announces Termination of Exclusivity Agreement With Xstrata Zinc |
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Noranda Income Fund Announces Termination of Exclusivity Agreement With Xstrata Zinc
VALLEYFIELD, QUEBEC--(Marketwire - Sept. 1, 2010) - Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that Xstrata Zinc, through Xstrata Canada Corporation ("Xstrata"), has provided notice that it is terminating the exclusivity agreement entered into between Xstrata and the Fund as announced on July 30, 2010, as the parties are unable to reach an agreement on the offer price for a potential transaction. The Independent Committee noted that Xstrata's revised offer presented on August 30, 2010 of $3.90 per Priority Unit of the Fund would likely not be within the fair value range which the Independent Committee believed would likely be established by the independent valuator, Canaccord Genuity Corp., in its formal valuation report as required under applicable securities legislation.
View More : http://www.marketwire.com/mw/release.do?id=1313212&sourceType=3
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