Perseus lifts stake in OreCorp to 19.9%

The news: Africa-focused Australian gold miner Perseus has increased its interest in mineral exploration company OreCorp, toughening its position to block a takeover bid from Canada’s Silvercorp Metals.

The numbers: Perseus increased its stake in OreCorp from 15.03% to 19.9% and intends to vote against Silvercorp's takeover scheme at the shareholder meeting on 8 December.

The context: Silvercorp sweetened its offer for OreCorp last week, increasing its cash component of the deal by more than a quarter to 19 cents, and leaving its scrip consideration of 0.0967 Silvercorp for every OreCorp share unchanged, indicating a valuation of $260 million.