26th Sep 2013 08:50
LONDON (Alliance News) - Eurasian Resources Group B.V. Thursday said that the deadline on its offer for Eurasian Natural Resources Corporation PLC has been extended as it was awarded a further 16.10% of the company Thursday.
Eurasian Resources, an investment vehicle of three of the founders of ENRC, received a further 207,390,899 shares in ENRC Wednesday bringing their total ownership to 901,313,140 shares, or roughly 69.99% of the company.
Eurasian Resources said it has extended its previous offer document regarding the takeover to October 6 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 the 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 down 1.20% at 214.30p Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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