Anson Funds opposes Pala's $501 mln acquisition of Cobalt 27
U.S. alternative asset manager Anson Funds, a shareholder of Cobalt 27 Capital Corp (TSX-V: KBLT), said it will vote against the proposed acquisition of Cobalt by Pala Investments. Pala, a Swiss mining private equity firm, agreed in June to acquire the issued and outstanding common shares it does not already own of Cobalt, a Toronto-based battery metals streaming business, for $501 million. Anson said the deal undervalues Cobalt, primarily because it effectively results in the sale of the company's Voisey’s Bay cobalt stream at a discount to the price paid for the asset last year. It added that the transaction is unlikely to receive the required majority approval of minority shareholders.
8 July 2019•6 mins read
