PERTH (miningweekly.com) – Copper/gold miner Oz Minerals has extended its takeover offer period for fellow-listed Avanco Resources until June 14.
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 currently has a 39.24% shareholding in Avanco, and when combined with commitments made by the company’s management and directors to accept the offer, Oz Minerals’ interest in Avanco will increase to 42.47%.
Once the company’s interest in Avanco reaches 50.1%, the offer will be declared unconditional.
The offer price is final, in the absence of a competing proposal.