Asia Pacific Resources announces $85 million takeover deal

[lee]

Asia Pacific Resources announces $85 million takeover deal
Mar 17, 2006

TORONTO (CP) - Asia Pacific Resources Ltd. (TSX:APQ) said Friday it has received a friendly $85.3 million takeover offer from a Thai company.

Under an agreement with SRMT Holdings Ltd., a subsidiary of Italian-Thai Development Public Co. Ltd., Asia Pacific would receive 14.25 cents per share, a 35.7 per cent premium over its closing price on the Toronto Stock Exchange the day before a pre-acquisition agreement was signed.

"Asia Pacific has said for the past two years that it was pursuing commercial discussions with parties in Asia for the development of its potash resources in Udon Thani, in northeast Thailand," president and CEO John Bovard said in a release.

"It has been increasingly apparent that obtaining a mining license for this project in Thailand requires a degree of local knowledge and financial capability which a company like ITD possesses."

Asia Pacific's board has given its unanimous support to the deal, which requires the tendering of at least two-thirds of Asia Pacific stock to the bid and customary regulatory approvals.

[FrazeeDK]

Ah ha!!! So much for the faith in having a Candadian Company run the mine eh?? Hmmmm... SMRT Corp??? Who da ya think would have oh, say, 1.2 billion dollars loose change in their pocket right about now?? Maybe from Political Potentate to Mine Magnate...