Producer of mineral-based highly engineered advanced materials Luxfer, and manufacturer of rare earth and rare metal-based functional materials Neo Performance, announced that they have mutually agreed to terminate a previously announced transaction under which Luxfer would have acquired Neo for $612 million in cash and stock.<\/p>\n
The companies made the announcement by issuing a press release<\/a> in which they did not explain the reasons behind the termination of the definitive agreement they signed back in December 2018 and that was approved by each company\u2019s Board of Directors.<\/p>\n In that agreement, a Plan of Arrangement was established and it was stated that shareholders of Neo Performance Materials were to receive $5.98 in cash and 0.395 Luxfer shares for each common share of Neo Performance Materials. Once the transaction was completed, Luxfer shareholders would have owned approximately 63% of the combined company on a pro forma basis.<\/p>\n According to that previous document<\/a>, the transaction was aimed at accelerating Luxfer\u2019s strategy to become a leading global manufacturer of highly-engineered advanced materials for high-end applications.<\/p>\n The English company also said back then that it wanted to complement its portfolio with high-value rare-earth and rare metal-based products and expand its access to high-growth Asian markets.<\/p>\n Luxfer leadership praised Neo\u2019s Magnequench segment as an industry leader in rare-earth powders used to manufacture magnets for performance micro motors, while Neo Performance Materials\u2019 CEO said its then partner-to-be creates materials that are critical to many of today\u2019s macro global trends including those promoting energy efficiency and environmental sustainability.<\/p>\n The post Luxfer\u2019s acquisition of Neo Performance falls through<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The Manchester-based company had agreed to acquire Neo for $612 million in cash and stock.<\/p>\n The post Luxfer’s acquisition of Neo Performance falls through<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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was to buy Neo for $612 million in cash and stock.<\/q><\/p>\n