Australian mine developer tables ‘superior’ proposal, BHP given five days to match
Wyloo Metals has tabled a “superior” offer over BHP’s in the bidding war to acquire Ring of Fire junior miner Noront Resources.
Wyloo, a Western Australian-based mine developer, announced it has reached an agreement with the Toronto company to acquire its nickel, copper, platinum group metals and chromite assets in the James Bay region.
In an Oct. 18 news release, Noront’s board of directors unanimously determined Wyloo’s latest offer $0.70 per share to be a “superior proposal” to the $0.55 per share offer made by BHP through a subsidiary company.
Noront has roughly 560,000,000 shares outstanding which puts the value of the deal at approximately $391 million. When factoring in the value of Noront’s debt, the enterprise value is $463 million.