Stock in Inter-Citic Minerals Inc. soared more than a third after the company announced it was being acquired by a subsidiary of China-based Western Mining Group in a deal that values Inter-Citic at $250 million. Inter-Citic said Western Mining Co. Ltd. is offering $2.05 per share in cash for all outstanding shares of the Toronto-headquartered company, which is developing the Dachang gold project in China. The offer is a 41.4 per cent premium to Inter-Citic's closing share price of $1.45 on Friday on the Toronto Stock Exchange. Inter-Citic's board said it has unanimously recommended the offer.
