Archipelago agrees to 338 million pounds takeover by Indonesia's Rajawali

LONDON Fri Sep 27, 2013 3:03am EDT

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LONDON (Reuters) - Indonesia-focused gold firm Archipelago Resources AR.L said it agreed to be acquired by PT Rajawali Corporation, an Indonesian company which already owns 53 percent of the company, in an offer that values it at 338 million pounds ($541 million).

Archipelago said on Friday that its board was recommending Rajawali's 58 pence per share cash offer, a price which represented an 18 percent premium over its closing price on Thursday.

"The Offer is priced at a level that represents an opportunity for minority shareholders to realise their investment at an attractive cash premium to the prevailing market price," Archipelago's chief executive said in a statement.

(Reporting by Sarah Young, Editing by Christine Murray)

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