Stillwater Mining (SWC) to be acquired by Sibanye (SBGL) for $18.00 per share

• February 27, 2020: Sibanye-Stillwater changed NYSE ticker symbol from SBGL to SBSW to highlight new corporate structure and diversified asset mix

• Gold mining company expands further into platinum group, diversifying away from South Africa
• Sibanye, which means “we are one” in Nelson Mandela’s native Xhosa language, was spun off in 2013 from three aging South African mines held by Gold Fields Ltd., a company founded by colonial pioneer Cecil John Rhodes.
• Stillwater, of Littleton, Colo., has two palladium and platinum mines in Montana and Colorado.
• Prices for platinum have risen around 6% this year to around $942 an ounce, while gold is up around 11% at $1,170 an ounce. And palladium, in which Stillwater is rich, has jumped 32% this year to $741.70 an ounce.
• All-cash transaction at $18.00 per share, a 25% premium to Stillwater's 30 day volume-weighted average share price.

Stillwater Mining Company (SWC) announced that it has entered into an agreement with Sibanye Gold (SBGL), under which Sibanye will acquire Stillwater for $18.00 per share in cash representing an aggregate enterprise value of $2.2 billion.

• The $18.00 per share transaction price represents a 61% premium to Stillwater's volume-weighted average share price over the 52 weeks prior to the announcement of the transaction, a 25% premium to its volume-weighted share price over the 30 trading days prior to the announcement and a 23% premium to its closing share price on December 8, 2016.
• The transaction also represents a 14.0x multiple of IBES consensus 2017 EBITDA1 estimate.
• Sibanye has secured bridge financing of $2.7 billion provided by Citi and HSBC to fund the transaction consideration and repay certain existing indebtedness of Stillwater. Stillwater is required to pay a break-up fee of $16.5 million and reimburse Sibanye for up to $10 million of expenses in the event the merger agreement is terminated in certain circumstances, including if Stillwater's Board of Directors changes its recommendation in favor of the transaction and in certain other events.
• Sibanye is required to pay a reverse break-up fee of $33 million and reimburse Stillwater for up to $10 million of expenses in the event the merger agreement is terminated in certain circumstances, including the failure to obtain Sibanye shareholder or certain other approvals.