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Top Dalradian shareholder supports Orion Mine takeover offer

Reuters

TORONTO (Reuters) - M&G Investment Management, the biggest shareholder in Dalradian Resources Inc (Toronto:DNA.TO - News), said on Thursday it was supportive of a friendly cash takeover offer for Dalradian from private equity group Orion Mine Finance.

The C$1.47 per share offer is fair, Jamie Horvat, director of global equities at M&G, told Reuters. M&G owns 12.8 percent of Dalradian.

The transaction also has the support of Blackrock Inc (:BLK - News), which owns approximately 10.7 percent of Dalradian, Dalradian said in a statement. [nASC0A5JC]

The offer by Orion, a private equity mining firm based in New York, represents a 62 percent premium to Dalradian shares at close on June 20. The miner has a high-grade gold project in Northern Ireland.

(Reporting by Susan Taylor, Editing by Rosalba O'Brien)