By Adriano Marchese
Golden Star Resources Ltd. said Monday that it has agreed to sell itself to Chifeng Jilong Gold Mining Co. for about $470 million.
The company said that the Chifeng has agreed to acquire all of the issued and outstanding common shares of Golden Star by way of a statutory plan of arrangement. Golden Star shareholders will receive $3.91 a share.
The company said the price represents a 24% premium over the closing price of Golden Star shares on the NYSE as at Oct. 29.
The company said its board of directors has unanimously approved the transaction and recommends that its shareholders vote in favor of it as well.
Write to Adriano Marchese at adriano.marchese@wsj.com