Visit our © 2020 Financial Post, a division of Postmedia Network Inc. All rights reserved. VANCOUVER (Reuters) - Nevsun Resources’ NSU.TO second biggest shareholder said on Tuesday it is “positively inclined” to an unsolicited C$1.5 billion ($1.16 billion) takeover proposal for the Canadian copper-zinc miner, whose shares rose as much as 24 percent on the approach.
VANCOUVER — Nevsun Resources Ltd. says Chinese company Zijin Mining Group Co. Ltd. has been successful in its $1.86-billion friendly takeover offer for the company. The Company’s three principal assets are its ownership interest in the Timok Project, a high-grade copper-gold development project in Serbia, its Bisha zinc-copper mine in Eritrea, and its balance sheet. Site preparation at the Timok project for the start of decline construction. (Image: Nevsun Resources) Comments may take up to an hour for moderation before appearing on the site. The offer valued Guyana Goldfields at C$323 million. Lundin was given exclusive month-long access to Nevsun’s data and the CEOs have held repeated meetings on the understanding that Lundin would make a fair-priced, cash-and-share bid, according to Nevsun CEO Peter Kukielski.
Nevsun Resources Ltd. [NSU-TSX, NYSE AMERICAN] is facing growing pressure to enter into negotiations with its would-be suitors Euro Sun Mining Inc. [ESM-TSX, CPNFF-OTC] and Lundin Mining Corp. [LUN-TSX; LUMI-Sweden]. Nevsun Resources (NYSEAMERICAN: NSU) is having an overwhelmingly strong day in the market today after news broke that the company has declined a takeover … Euro Sun is a small non-producing company with a gold project in Romania. 1 Zijin Road, Shanghang County, Longyan City, Fujian Province Postal Code: 364200 Tel: 0592-2933586 Email: international@zijinmining.com
Nevsun Resources' second biggest shareholder said on Tuesday it is "positively inclined" to an unsolicited C$1.5 billion ($1.16 billion) takeover …
Please try againPostmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Guyana Goldfields received the offer from Zijin to purchase all of its shares and was determined to be a “superior proposal” to the one made by Silvercorp Metals Inc. back in April. “To this day they have failed to deliver,” he said in an interview.
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If Lundin made a formal bid, Kukielski said, Nevsun would consider running a full sales process for the company. Nevsun said on Tuesday its board of directors had unanimously rejected the unsolicited proposal as it was too low and had a “problematic structure.” The C$5 per share offer included C$2 in cash funded by Lundin, C$2 in shares of Lundin and C$1 in shares of Euro Sun. Nevsun’s shares last traded 15 percent higher at C$4.41 on the Toronto Stock Exchange.
But Nevsun said in a statement that Euro Sun was “not an attractive partner,” and has had difficulty raising financing. Zijin Mining Group Co. agreed to buy Nevsun Resources Ltd. for $1.41 billion to add copper assets in Serbia and Eritrea and enable the Canadian firm … Reporting by Nicole Mordant in Vancouver; editing by David Gregorio and G Crosse
Lundin declined to comment further. Add: No. Toronto-based Lundin produces copper, zinc and nickel from mines in Americas, Portugal and Sweden.
In 2018, Lundin Mining, a Canadian mining company, made several unsolicited offers to purchase fellow miner Nevsun Resources. Lundin and Euro Sun said they had made public their proposal, which represents a 40 percent premium on Nevsun’s April 30 closing share price, as they believed Nevsun’s shareholders should be “made aware of this opportunity.” The proposal, however, is not a formal bid, and is Lundin’s fourth approach to Nevsun this year.
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