Regis Resources walks away from Vault Minerals after Genesis takeover bid

The news: Regis Resources will not submit a counter proposal to acquire Vault Minerals to match a superior deal from Genesis Resources following Genesis’ unsolicited binding proposal earlier this month.

The context: This follows an unsolicited binding proposal from Genesis to acquire Vault Minerals at a valuation of $5.6 billion, outbidding the $4.7 billion offer from Regis Resources.

The Regis board stated that the terms required to match the superior proposal do not meet the return and value thresholds required, which ensures long-term value for shareholders.

Subsequently, due to Vault considering the Genesis proposal as superior, Regis anticipates Vault will terminate the scheme implementation deed signed on 4 May, which will result in a break fee of approximately $50.7 million payable to Regis.