10th Mar 2021 10:32
(Alliance News) - Nova Resources BV said Wednesday the level of acceptances for its Kaz Minerals PLC acquisition at the end of its first closing date is just under 20%.
The offer by the vehicle of Kaz's chair, will now remain open until March 23.
"Kaz Minerals shareholders who have not yet accepted the increased offer and who wish to do so, are urged to do so as soon as possible," the company said Wednesday.
In early February, Nova agreed on a significantly increased 780 pence per share cash offer for miner Kaz amid a rally in copper prices since October, valuing Kaz as a whole at GBP3.7 billion. This is a 22% premium to the original 640p per share offer price announced October 2020.
Shares in Kaz were marginally lower at 814.40p each in London on Wednesday morning, so sitting at a premium to the offer price.
Nova is a company owned by a consortium comprising Kaz Chair Oleg Novachuk and Non-Executive Director Vladimir Kim.
By Paul McGowan; [email protected]
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