Wyloo won't increase Mincor bid

3rd April 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Suitor Wyloo on Monday announced that it would not be increasing its A$1.40-a-share offer for nickel miner Mincor Resources, after Mincor last week withdrew its production guidance after failing to come to an agreement with major BHP regarding the acceptance of off-specification product.

Mincor initially urged shareholders not to take any action on the Wyloo offer, saying shareholders who accepted the A$1.40-a-share offer would be unable to capitalise on a higher offer price.

However, Wyloo on Monday said that it had been unaware of Mincor’s struggles to reach specification during the ramp-up of production, and as a result, would not increase its offer price.

Wyloo currently holds a 19.9% interest in Mincor.