By Joe Hoppe

Impala Platinum Holdings Ltd. said Monday that it firmly intends to make an offer to acquire peer mining company Royal Bafokeng Platinum Ltd., after acquiring a 24.52% stake in the company for 10.6 billion South African rand ($650.3 million) last week.

Implats, a South African precious-metals company, said it will offer RBPlat shareholders 150 South African rand ($9.20) a share, consisting of a cash amount of ZAR90 per offer share and 0.3 ordinary shares in Implats, valued at ZAR60. The offer price represents a 24% premium to its closing price Friday.

Acquiring the further 25.58% stake in the company at the offer price to control the company would imply a further investment of around ZAR11.1 billion and a total deal of around ZAR21.7 billion.

The deal is conditional upon several factors, including more than 50% of RBPlat shareholders accepting the deal, the company said. Implats said the acquisition would deliver on its strategy to increase its exposure to low-cost, shallow, mechanized assets, and further its high-value, sustainable and competitive portfolio.

The company had initially said on Oct. 27 that it was in talks to buy the entire share capital of RBPlat, before saying that the deal fell through on Nov. 9 as the target's largest shareholder was no longer supportive.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

11-29-21 0237ET