Kidman offer to go to vote

KIDMAN Resources shareholders will vote on Wesfarmers’ $776 million takeover offer in August after the lithium miner entered into a scheme implementation deed with the WA-based conglomerate.

Wesfarmers has completed its due diligence and Kidman’s directors and its major shareholders support the cash offer of $1.90 per share, which represents a 47.3 per cent premium to the price prior to the proposal’s announcement.

Wesfarmers had been looking for acquisitions after the demerger and IPO of supermarket Coles in November, as well as the sale of the Bengalla coal mine, Kmart Tyre and Auto, and Quadrant Energy.