Michael Bailey along with all of his entities have begun a tender offer to acquire all outstanding shares of common stock belonging to Vaaldiam Resources Ltd. (TSE: VAA) for $0.07 per share, net to the seller in cash.
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Pursuant to the offer, entities controlled by Michael Bailey will begin a hostile all cash bid to purchase all outstanding shares of Vaaldiam for $0.07 per share for a total purchase price of $19.265 million. This amount represents a 133% premium to the previous closing price of Vaaldiam's stock.
Vaaldiam Resources Ltd. (Vaaldiam) is a Canada-based company. The Company is engaged in diamond production, mine development and exploration in Brazil and to a lesser extent in Canada.
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