Silvercorp closer to OreCorp takeover
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The news: Canadian silver producer Silvercorp has moved another step closer to buying Western Australian miner OreCorp after the Tanzanian Fair Competition Commission approved the proposal.
The ASX-listed OreCorp's main project is the Nyanzaga gold project in northwest Tanzania.
The numbers: OreCorp shares on the ASX were 0.86% higher to 58 cents per share shortly before 1pm (AEDT).
Silvercorp is offering 19 cents and 0.0967 Silvercorp shares per OreCorp share as part of its off-market bid.
The context: Silvercorp is a major shareholder in OreCorp and trades on the New York Stock Exchange and Toronto Stock Exchange.
OreCorp's board has recommended shareholders accept the Silvercorp offer. The offer is due to close on 23 February.
The source: OreCorp ASX announcement
