PERTH (miningweekly.com) – Copper/gold miner Oz Minerals has declared its takeover offer for fellow listed Avanco Resources unconditional.
Oz Minerals is offering Avanco shareholders 8.5c in cash and 0.009 of its own shares for every Avanco share held, valuing the company at A$418-million.
Oz Minerals on Thursday said that the company had now obtained a 43.5% shareholding in Avanco, and combined with the commitments made by the company’s management and directors to accept the offer, this shareholding increased to 46.6%.
The ASX-listed Oz Minerals has now waived all the remaining defeating conditions of the offer, telling Avanco shareholders that the offer price was final in all respects, and could not be increased.
It urged the remaining Avanco shareholders to accept the takeover offer, which is set to close on June 14.