Green bidding war: BHP outbids ‘Twiggy’ Forrest in Canadian nickel miner battle – by Nick Toscano (Brisbane Times – October 20, 2021)

Mining giant BHP has raised its offer to buy Canadian nickel miner Noront Resources, trumping the latest bid from Australian billionaire Andrew “Twiggy” Forrest.

Just a day after the board of Toronto-listed Noront recommended shareholders accept the C70¢-a-share offer from Dr Forrest’s Wyloo Metals, its chief executive Alan Coutts said it now supported BHP’s offer after it raised its bid from C55¢ to C75¢ a share.

“This transaction provides a premium to Wyloo’s offer, and delivers certainty of value to Noront shareholders via an all-cash offer,” Noront chief executive Alan Coutts said.

“Noront’s board of directors determined that BHP’s improved offer is in the best interests of the company and its shareholders.” BHP says its offer is valid until November 9, Canadian time.

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