Timminco Ltd. and its wholly owned subsidiary Becancour Silicon Inc. have selected two bids from an auction recently held for the sale of the business and its assets.
First, Timminco has selected a portion bid submitted by QSI Partners Ltd., a subsidiary of Globe Specialty Metals Inc., in respect of substantially all of the silicon metal business and assets of Becancour Silicon, including its 51% ownership interest in Quebec Silicon LP, for a cash purchase price of approximately $31.9 million.
The company has also selected a portion bid submitted by Grupo FerroAtlantica SA for substantially all of the solar-grade silicon business and assets of Timminco Solar, a division of Becancour Silicon, for a cash purchase price of approximately $2.7 million.
The aggregate cash purchase price of the two bids is approximately $34.5 million, subject to working capital adjustments.
In addition, the company has selected as the backup bid a combination of the portion bid submitted by Wacker Chemie AG as purchaser, in respect of substantially the same assets as the other two bids. The company will proceed with the backup bid if it is unable to close the successful bid.