PERTH (miningweekly.com) – The directors of takeover target Avanco have accepted an off-market cash and scrip takeover offer from fellow copper miner Oz Minerals.
Oz Minerals in March launched a A$418-million offer for the Brazil-focused junior, offering 8.5c in cash and 0.009 of its own shares for every Avanco share held.
Avanco’s directors on Wednesday unanimously supported the takeover, recommending that shareholders accept the offer in the absence of a superior proposal.
The offer is expected to close on May 14, unless extended.