OZ Minerals has rejected BHP’s indicative takeover offer of $25 per share, with its board determining the bid “significantly undervalues” the mining company. Follow updates here.
OZ Minerals has rejected BHP’s indicative takeover offer of $25 per share, with its board determining the bid “significantly undervalues” the mining company.
OZ Minerals also said the bid was “highly opportunistic” and came at a time when the price of copper on the London Metal Exchange and its share price had fallen from their recent peaks in March and January respectively. BHP’s bid represents a 13.1 per cent premium to the volume weighted average price for the 6 months prior to the proposal, a 7.8 per cent premium to the VWAP for the 12 months prior, and a 14.4 per cent discount to OZ Minerals’ highest closing price in January 2022 of $29.21.
“The cash offer would deliver immediate value to OZ Minerals shareholders and de-risk any value which may eventually be reflected in OZ Minerals’ share price,” BHP said in a statement.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX LIVE: Australian shares to slip, reporting season takes centre stageAustralian shares are poised to slip; Aurizon, Suncorp to report; Wall St mixed as tech rally pauses on renewed rate bets; $A fades. Follow updates here.
Read more »
Italy’s far right turns Lampedusa’s refugee crisis to its advantageThe tiny island, once famed for its welcoming approach to those risking their lives in the Mediterranean, is centre stage as elections approach
Read more »
Prepare for spring with the next wave of dress designersA new generation of brands is moving into the lucrative territory of romantic linens, puffy sleeves and floral prints. | Damien Woolnough
Read more »
ASX set to slip as results and guidance loomAustralian shares are expected to open modestly lower, in line with weakness in New York. Aurizon, Suncorp to report on Monday. $A drops on ramped US rate bets.
Read more »
ASX set to slip as results and guidance loomAustralian shares are expected to open modestly lower, in line with weakness in New York. Aurizon, Suncorp to report on Monday. $A drops on ramped US rate bets.
Read more »
The 15 greatest Australian musicals, on stage and screen – sortedFrom the glittery fun of Priscilla to a whole show about the career of Paul Keating, here are the musicals that sing to audiences both in Australia and around the world
Read more »