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.
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