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Perseus Mining (TSX:PRU:CA) Monday reported its intention to make an off-market takeover offer for all of the issued shares in OreCorp (OTCPK:ORECF) that it does not already own, for cash consideration of A$0.55 per OreCorp Share, which implies an equity value of approximately A$258m.
- This offer to OreCorp’s shareholders is valued at a 4% premium to the currently implied value of a takeover offer made by Silvercorp Metals Inc.
- The conditions of the offer are materially the same as those of the Silvercorp Takeover, including being conditional on acquiring 50.1% of OreCorp ordinary shares.
- “Perseus’s offer, unlike the Silvercorp takeover, provides OreCorp shareholders the certainty of receiving a cash payment equal to 100% of the stated value of the consideration for their shares,” it said in a statement.
- OreCorp shareholders do not need to take any action at this time but should be guided by Perseus’s bidder’s statement which will be provided to OreCorp shareholders before the end of January 2024, Perseus Mining (PRU:CA) said.
- The offer will be funded from Perseus’s existing cash and bullion reserves which amounted to $594m as at 30 September 2023.
- Source: Press Release
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