The directors of OZMinerals will back an increased takeover offer from BHP, as the miner moves to expand its copper offerings mining acquisition resources Australia CriticalMinerals BatteryMetals
PERTH – The board of copper miner Oz Minerals will back an increased offer from diversified miner BHP.
The revised offer represented a 49.3% premium to Oz Minerals' undisturbed closing price on August 5, and a 59.8% premium to the company’s undisturbed 30-day volume weighted average share price on the same date.Oz Minerals on Friday told shareholders that the revised proposal allowed the company to consider paying a franked dividend to shareholders prior to the transaction being implemented.
The takeover target told shareholders that subject to the agreement of an acceptable binding scheme implementation agreement, the Oz Minerals board intended to unanimously recommend that shareholders accept the offer as being in the best interest of shareholders, in the absence of a superior proposal and subject to an independent expert’s recommendation.
“BHP’s proposal represents a highly compelling offer for OZL shareholders, providing certainty at a time of macroeconomic uncertainty and market volatility, and increasing risks for the industry,” BHP CEO“The combination of BHP and Oz Mineral’s assets, skills and technical expertise provides a unique opportunity not available under separate ownership, with complementary resources including the Oak Dam exploration prospect and existing facilities within close proximity, backed by BHP’s strong...
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