Develop Global Limited (ASX:DVP) entered a binding scheme implementation deed to acquire Essential Metals Limited (ASX:ESS) from a group of shareholders for approximately AUD 150 million on July 3, 2023. As per the transaction, Develop Global Limited will issue 1 new Develop share for every 6.18 Essential shares held as purchase consideration. The transaction is unanimously approved by board of directors of Essential Metals and is subject to regulatory approvals, court approvals and shareholders? approval. The transaction is expected to close on October 27, 2023. As of September 15, 2023. Takeover target Essential metals has called a shareholder meeting on October 18 to vote on the takeover offer from fellow listed Develop Global. According to BDO Corporate Finance (WA) Pty Ltd, the IDA of Essential Metals, the Scheme is not fair but reasonable and in the best interests of Essential Shareholders. A court date to approve the scheme has been set for October 18, 2023, before the shareholder meeting to vote on the proposal. As of October 24, 2023 Federal Court of Australia has approved the scheme of arrangement under which Develop Global Limited will acquire all of the shares.

Sternship Advisers Pty Ltd. acted as financial advisor and HopgoodGanim acted as legal advisor to Essential Metals Limited. Canaccord Genuity (Australia) Limited acted as financial advisor and Gilbert and Tobin acted as legal advisor to Develop Global Limited.

Develop Global Limited (ASX:DVP) completed the acquisition of Essential Metals Limited (ASX:ESS) from a group of shareholders on November 6, 2023. With effect from implementation of the Scheme: Craig McGown, Warren Hallam and Paul Payne resigned from the Essential Board; and Timothy Spencer resigned as Managing Director of Essential.