Perseus Mining shares fall on enhanced offer for OreCorp
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More news: Perseus Mining shares were 3.61% lower at $2.01 by 3.32pm AEDT following the announcement that the company had increased its takeover bid for OreCorp.
Meanwhile, OreCorp shares were up 2.68% to $0.58, which was still above Perseus' latest offer price of $0.57 per share.
OreCorp shares jump after Perseus Mining sweetens bid price
More news: Shares in gold miner OreCorp have jumped 4.5% to 58.5 cents in early trading on the ASX, after suitor Perseus Mining raised its offer price to 57.5 cents from 55 cents.
OreCorp has given rival bidder, Canadian miner Silvercorp Metals, until 27 March to match or better the bid. The current share price has risen beyond Perseus' offer, indicating that the market may be expecting Silvercorp to lift the bar further.
Perseus Mining lifts offer price for takeover target OreCorp
The news: Gold miner Perseus has offered to lift its bid price for OreCorp if the target company’s board agrees to back its proposal.
The numbers: Perseus has made a conditional offer to lift its bid price to 57.5 cents per OreCorp share from 55 cents, as long as OreCorp’s board recommends the proposal to shareholders.
OreCorp said it has given rival bidder, Canadian miner Silvercorp Metals, until 27 March to match the bid. OrecCorp shares closed at 56 cents each on Tuesday.
The context: OreCorp’s board has previously backed an offer from SilverCorp, which holds a 15.74% stake in the company. However, Perseus has now crossed that level, with its latest ASX filing showing it holds a 22.01% stake in OreCorp.
In addition, it has also disclosed backing from two other major OreCorp shareholders who together hold another 15.7% in the company. OreCorp is currently developing the Nyanzaga Gold Project in northwest Tanzania.
The source: ASX announcement
