12th Sep 2013 12:52
LONDON (Alliance News) - Eurasian Resources Group B.V. Thursday said that its offer for Eurasian Natural Resources Corporation PLC has been extended as it was awarded a further 15.65% of the company Wednesday.
Eurasian Resources, an investment vehicle of three of the founders of ENRC, received a further 201,616,755 shares in ENRC Wednesday bringing their total ownership to 895,538,996 shares, or roughly 69.54% of the company.
Eurasian Resources said it has extended its previous offer document regarding the takeover to September 25 and urged ENRC shareholders to accept.
ENRC's independent directors in August said they wouldn't recommend a takeover offer from the founders of the company who are bidding to take the company private.
The ENRC founders, along with the Kazakh government, are trying to buy out minority investors in the company which they listed in London in 2007. In their offer document posted in August, they said they would sell some international assets, reversing an expansion that has diversified the company into markets including Africa and Brazil.
Eurasian Resources said it has not received acceptances from persons acting for ENRC regarding their takeover bid.
ENRC shares were up 1.30 pence at 221.30p Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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