Deep Yellow Limited (ASX:DYL) made an offer to acquire Vimy Resources Limited (ASX:VMY) for approximately AUD 300 million in a merger of equals transaction on November 15, 2021. Under the terms of the offer, transaction will be settled for 1 ordinary fully paid Deep Yellow share for every 3.74 Vimy ordinary fully paid shares. Under the terms of the offer Vimy will be liable to pay a break fee of AUD 3 million. Macquarie Capital Australia Limited acted as financial advisor and MinterEllison acted as legal advisor for Vimy. Houlihan Lokey and Aitken Murray Capital Partners acted as financial advisor and Gilbert and Tobin acted as legal advisor for Deep Yellow.

Deep Yellow Limited (ASX:DYL) cancelled the acquisition of Vimy Resources Limited (ASX:VMY) in a merger of equals transaction on November 17, 2021. The cancellation is attributable to rejection of offer by the boards on the grounds of limited time for due diligence, inappropriate control premium and inappropriate shareholding in the merged entity. Deep Yellow still considers an agreed merger between the two companies is the best alternative and the board remains open to the opportunity to engage with the Vimy Board at the appropriate time.