BHP to Acquire Dia Met Minerals Ltd.

BHP Limited made a friendly takeover bid of $687 million for Canadian diamond miner Dia Met Minerals Ltd. on April 2, 2001. BHP agreed to acquire all of the outstanding Class A subordinate voting shares and Class B multiple voting shares of Dia Met at $21 each. Dia Met’s board of directors recommended that shareholders tender their shares to the offer, and the company’s two largest shareholders entered into a lock-up agreement to agree to tender their shares.

Davies Ward Phillips & Vineberg LLP’s mergers and acquisitions team acted for BHP, with a team comprised of Jean-Paul Bisnaire, Timothy Moran (corporate), John Zinn, Geoffrey Turner (tax), Dany Assaf and David Fruitman (competition). Assistance on US legal issues was provided by Marc Berger of Davies Ward Phillips & Vineberg LLP’s New York office, as well as Sullivan & Cromwell in New York. Dia Met was advised by Beth DeMerchant, Jim Turner, Bill Estey and Corrado Cardarelli of Torys. Mitchell Gropper, Q.C., of Farris, Vaughan, Wills & Murphy advised the largest Dia Met shareholder.