Bidding war ends in Ring of Fire takeover
Sudbury -
Noront shareholders are being advised to take BHP's new cash offer in a bid to take over the Canadian mining company that owns the rights to the Ring of Fire mineral deposit in northern Ontario after receiving no counter from rival Wyloo Metals. BHP and Wyloo are based in Australia.
BHP Western Mining Resources International made an all-cash offer of C$0.75 per share, a 36 per cent increase to its original offer of C$0.55 and a seven per cent increase to Wyloo's C$0.70 offer, more than a week ago. It is the only offer that remains available to investors.
"Noront has heard nothing from Wyloo since receiving improved BHP offer," the resource company said in a news release Thursday. "Further, Wyloo has made no indication of making an offer and is under no obligation to respond to the improved BHP offer, and Noront has no current indication of Wyloo's intentions."
Shareholders have until Nov. 9 to decide on tendering their shares in the company at a 213 per cent premium to Noront's unaffected share price.
"Noront’s Board of Directors determined that BHP’s improved offer is in the best interests of the Company and its shareholders and advises Noront shareholders tender their shares by Friday, Nov. 5, well ahead of the BHP offer deadline of 11:59 p.m. EST on Nov. 9 to ensure that shares are tendered in time," the company said.
The Ring of Fire development is expected to take many years, with remote infrastructure still required.
"There is no certainty that shareholders remaining invested in Noront will ever realize the value for their shares offered by BHP in cash today," BHP said in a news release on Oct 20.
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