It's three days since OZ Minerals whacked suitor BHP, and now it’s gone to its investors to make the case for its lighting-speed rejection.
Sources on both sides said the two camps hadn’t had any further chats since Monday, giving The Big Australian even more reason to hold its grudge. The miner was miffed it didn’t even get a friendly chat before OZ’s board coughed up its rejection at the first opportunity.Arsineh HouspianBHP was looking for a clean, ready deal that had the OZ board’s backing, before news made its way to investors. With the way things are going between the two, it doesn’t look like there’s going to be one soon.
The bone of contention, as revealed by the two companies’ official responses, is what premium $25 a share implied when copper prices are much lower than last year.While suits hammer out OZ’s fair value, fast-money funds have wasted no time getting into the trade.
With the way things are going, it spells disappointment for investors who had their eyes peeled for more details at BHP’s results coming Tuesday. Its OZ Minerals stalking is likely to be a passing footnote, drowned under its big earnings numbers. Speaking of which, there would surely be some retirees and the like, who’d be happy to take their dividend cheque in full rather than see it whittled down by an acquisition.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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