OZ Minerals backs BHP’s improved $6.4 billion offer. mining miningnews
Aerial view of OZ Minerals’ Prominent Hill open-pit and tailings storage facility in South Australia. per share takeover offerThe new offer was at a 7.4% premium to OZ Minerals’ last close and higher than the A$25 per share proposal rejected in early August as “opportunistic” and undervalued.“After carefully assessing the Revised Proposal, the board of OZ Minerals has agreed to grant BHP the opportunity to conduct due diligence for four weeks on an exclusive basis,” OZ Minerals said.
BHP plans to splash cash on nickel exploration over the next two years and a deal with OZ would give it access to projects, including the West Musgrave copper-nickel operation in Western Australia.
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