BHP Lonsdale Investments Pty Ltd, a wholly owned subsidiary of BHP, and Noront Resources Ltd have announced that BHP has agreed to increase its all-cash offer for Noront shares to CAN$0.75 per share.
The Noront Board, considering the superior CAN$0.75 per share cash purchase price in the amended offer, has determined that the proposal from Wyloo Metals Pty Ltd, at a price of CAN$0.70 per share, has ceased to be a ‘superior proposal’, and recommends the Noront shareholders tender their shares to the BHP Offer.
Shareholders have until 11:59 pm (Toronto Time) on 9 November 2021 to accept the increased offer and tender their shares.
BHP’s increased offer of CAN$0.75 per Noront share is superior to other offers available to Noront and its shareholders. BHP had the option to match Wyloo and elected to exceed Wyloo’s proposal by CAN$0.05.
BHP Chief Development Officer, Johan van Jaarsveld, comments:
“Our increased offer of CAN$0.75 per share provides a compelling premium for Noront shareholders and is available to shareholders now. Our offer provides shareholders with the value inherent in Noront’s portfolio of projects, including the Eagle’s Nest project, delivering shareholders who accept our offer certainty of value and immediate liquidity.”
Read the article online at: https://www.globalminingreview.com/finance-business/21102021/bhp-increases-all-cash-offer-for-noront-shares/