(Alliance News) - Nova Resources BV on Monday said it has published its offer document for the acquisition of Kaz Minerals PLC.
On Thursday last week, Nova agreed on a significantly increased 780 pence per share cash offer for miner Kaz amid a rally in copper prices since October, valuing Kaz as a whole at GBP3.7 billion. This is a 22% premium to the original 640p per share offer price announced October 2020.
Shares in Kaz were marginally higher at 800.80p each in London on Monday morning.
Nova is a company owned by a consortium comprising Kaz Chair Oleg Novachuk and Non-Executive Director Vladimir Kim.
An offer document with full terms and conditions for the increased offer has now been posted to Kaz shareholders plus a related form of acceptance. The first closing date for the offer is on March 9.
By Anna Farley; annafarley@alliancenews.com
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