Lacking Wyloo counteroffer, deal remains best option for Ring of Fire assets
Noront Resources is urging its shareholders to tender their shares to BHP by Nov. 5, which would give the Australian miner control over a massive undeveloped metals project in the mineral-rich Ring of Fire.
BHP put its latest offer on the table on Oct. 20, increasing its previous bid by 36 per cent and including a 7 per cent premium to that of a rival Australian suitor, Wyloo Metals, which offered $0.70 per share just two days earlier.
Al Coutts, Noront’s CEO, implored shareholders to take action in an Oct. 28 news release. Since BHP bumped up its offer more than a week ago, Wyloo has not responded with a counteroffer and there’s no indication one is coming, Coutts noted.
That means the BHP offer is the only one available to shareholders at this time. “The BHP offer provides both certainty and a compelling premium,” Coutts said.