BHP and OZL enter into scheme implementation deed

The SID confirms the terms of the scheme and BHP’s non-binding indicative proposal announced on 18 November 2022. The execution of the SID follows the completion of a four-week exclusive due diligence period.

BHP’s offer price of AUS$28.25 per OZL share corresponds to an enterprise value of AUS$9.6 billion for OZL and represents a significant and attractive premium of:

• 49.3% to OZL’s closing price of AUS$18.92 per share on 5 August 2022, being the last trading day prior to the initial proposal by BHP.
• 59.8% to OZL’s 30-day VWAP of AUS$17.67 per share up to and including 5 August 2022.

BHP CEO, Mike Henry, said:

“The combination of BHP and OZL’s assets, skills and technical expertise provides a unique opportunity not available under separate ownership, with complementary resources including the Oak Dam exploration prospect and existing facilities within close proximity, backed by BHP’s strong balance sheet, capital discipline and commitment to sustainable development. We thank the OZL Board and management for their engagement through the due diligence process and look forward to working together to continue to take steps forward to complete the transaction.”

Read the article online at: https://www.globalminingreview.com/mining/03012023/bhp-and-ozl-enter-into-scheme-implementation-deed/