St Barbara Limited (ASX:SBM) entered into a binding scheme implementation deed to acquire Bardoc Gold Limited (ASX:BDC) for approximately AUD 160 million on December 19, 2021. As part of the consideration, Bardoc shareholders will receive 0.3604 new St Barbara shares for each Bardoc share. Upon implementation of the Scheme, St Barbara shareholders will own 87% of the combined entity and Bardoc shareholders will own the remaining 13%.

If terminated, Bardoc has to pay a break fee of AUD 1.5 million to St Barbara. The transaction is subject to an independent expert concluding that the Scheme is in the best interests of Bardoc shareholders and not changing, withdrawing or qualifying that conclusion; approval of Bardoc shareholders; court approval, regulatory approval and other customary conditions. The Bardoc Board of Directors unanimously recommends to Bardoc shareholders to approve the transaction.

As of March 30, 2022, Bardoc Gold's shareholders approved the transaction. As of April 1, 2022, Supreme Court of Western Australia approved the transaction. The transaction is expected to close on April 14, 2022.

Macquarie Capital (Australia) Limited acted as financial advisor and Heath Lewis of King & Wood Mallesons acted as legal advisor to St Barbara. Argonaut PCF acted as financial advisor and Jonathan Murray of Steinepreis Paganin acted as legal advisor to Bardoc Gold.