Northern Star closes Echo takeover
AFTER launching a $193m takeover bid late in August, Northern Star Resources (ASX: NST) has closed the deal to acquire the controlling interest of explorer Echo Resources (ASX: EAR). As Echo Resource’s major shareholder, Northern Star offered shareholders $0.33c per share in August (a 39.4pc premium on Echo’s volume weighted average at 19 August) to secure a controlling 59.3pc of Echo’s shares. Echo Resources said the offer implies a fully diluted equity value of about $242.6m, with up to $193m payable by Northern Star for shares it does not already own, or the offer amount. Echo’s Yandal gold project, located 400km north of Kalgoorlie and in close proximity to Northern Star’s Jundee operation, was at the centre of the takeover…