Australia’s Vault Minerals said on Monday that Genesis Minerals has pitched a takeover bid valuing the gold producer at about A$5.6 billion ($3.9 billion), surpassing Regis Resources’ buyout bid in May.
Under the proposal, Genesis offered to acquire all shares in Vault for 0.7629 new Genesis shares and A$0.475 in cash.
The implied Genesis offer of A$5.274 per Vault share represents a 15.7% premium to the stock’s last close.
The fresh bid is also nearly 6% above Regis’s all-scrip offer.
Vault said it has notified Regis that it considers the Genesis proposal to be superior and has given Regis the right to announce or provide a matching or improved proposal.
($1 = 1.4420 Australian dollars)
Reuters
