Perseus currently holds 22.01% of OreCorp’s share capital, having increased its stake by another 2.11% immediately prior to the new offer. It is now the largest shareholder of OreCorp, just ahead of Silvercorp (21.11%).
In a news release confirming Perseus’ latest offer, OreCorp said it has notified Silvercorp of what is determined to be a “superior proposal” in accordance with the matching rights process set out in the bid implementation deed signed between the companies in December 2023.
Silvercorp, which initiated its takeover proposal in August 2023, now has a five business days to make a better offer.
Should Silvercorp fail to provide such an offer within the five-day period, the OreCorp board intends on recommending that shareholders accept the amended proposal in the absence of a superior proposal, the Australian gold developer said.
OreCorp also stated that it had received statements of intent from major…
