Newcrest's (ASX:NCM) time as an independent company is dwindling, with just a few weeks left following an overwhelming shareholder vote in favor of the $A26.2 billion merger with US gold mining giant Newmont.
The final vote tally at Friday's meeting in Melbourne showed that 84% of Newcrest shareholders, representing 92.6% of the register, supported the merger.
The meeting took place five months after Newmont improved a scrip offer, valuing Newcrest shares at $A29.29—almost double the $A15.81 they were worth before the offer emerged earlier this year.
Based on Friday's Newmont share price and currency rates, the offer was valued at approximately $A24.53 per Newcrest share.
The proposed merger is scheduled for final approval in the Federal Court on October 17. If the court approves it, Newcrest's last day of independence will be on October 26. Shareholders will then receive their new Newmont CHESS Depositary Interest (CDI) shares the following day.
Once the Federal Court grants its approval, Newcrest shareholders will receive a fully franked special dividend of $U$1.10 per share, held by them on Thursday, October 19. The special dividend will be paid on October 27.
