Perseus Mining has announced that its off-market buyout bid for OreCorp is now unconditional and the best and final offer in the absence of any competing bid.
The offer of A$0.575 per share is now free of all conditions.
This revised proposal surpasses the initial A$0.55 cash offer, valuing the deal at approximately A$258m ($170.29m).
It presents a more attractive deal compared with Silvercorp Metals' A$0.53 bid in cash and shares.
OreCorp has acknowledged Perseus's proposal as superior and, barring any amendments from Silvercorp, intends to advise its shareholders to accept it.
As of 5 April 2024, Perseus Mining has secured a 51.03% interest in OreCorp, holding 239,542,398 shares.
The company has also expedited the payment terms for the offer consideration and all OreCorp shareholders who have already accepted the offer will be issued that consideration in seven business days.
OreCorp's recent statement highlighted ongoing efforts to facilitate a smooth transition of its board and management in collaboration with Perseus.
Perseus has expressed its appreciation for the cooperative relationship with OreCorp during this period of change.
In line with the takeover, Perseus plans to nominate Jeff Quartermaine as chairman and Lee-Anne de Bruin as CEO and managing director to OreCorp's board and management team.
This move will coincide with the resignation of several current OreCorp board members, ensuring Perseus' majority representation on the board.
Perseus Mining has reiterated that, without a competing offer, the current bid of A$0.575 per OreCorp share will remain final. The offer is deemed the best and final in such circumstances.
Perseus chairman and CEO Jeff Quartermaine said: “We are pleased with the positive response from OreCorp Shareholders and to be able to declare the offer unconditional and best and final.
“The offer provides compelling benefits and value to OreCorp shareholders, as well as the opportunity for OreCorp shareholders to realise certain and expedited value for their OreCorp shareholdings.
“Senior executives from Perseus are scheduled to visit Tanzania in the very near future to continue the process of building relationships in country with key government and industry stakeholders as well as existing employees and associates of OreCorp and to prepare the way for the commencement of the development of the Nyanzaga Gold Project.”
