OreCorp shares jump 5.2% as takeover meeting delayed
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More news: OreCorp shares surged 5.2% before 1pm AEDT after it postponed a shareholder vote on a takeover bid from Canada's Silvercorp Metals. Silvercorp owns 15.4% of OreCorp, and Australian miner Perseus has lifted its stake in the takeover target to 19.9% since the offer was made. OreCorp and SilverCorp have postponed a meeting to 18 January to consider the ramifications of Perseus' increased holding.
Vote on Silvercorp's OreCorp takeover postponed after Perseus move
The news: Western Australian miner OreCorp has postponed a shareholder meeting to vote on a $75 million takeover offer from Canadian group Silvercorp Metals.
The numbers: Silvercorp made the approach last month and the shareholder meeting was due on 8 December.
Western Australian business Perseus Mining then increased its stake in OreCorp to 19.9%, becoming OreCorp's biggest shareholder, and said it would vote against the takeover offer. Silvercorp owns 15.4% of OreCorp shares.
Silvercorp had recently improved its offer from 0.15 cents per OreCorp share to 0.19 cents per OreCorp share. There was also a scrip consideration of 0.0967 of a Silvercorp common share.
The context: OreCorp and Silvercorp have postponed the meeting to 18 January to consider the implications of Perseus' increased stake. Perseus does not intend to lodge a competing bid to that of Silvercorp.
The sources: OreCorp, Perseus Mining, Silvercorp
