Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) is the only remaining bidder for African-focused gold explorer OreCorp Ltd after the offer from Canadian-based Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) lapsed.
OreCorp has subsequently exercised its right to terminate the Bid Implementation Deed while its board has recommended that shareholders accept the amended Perseus proposal once it becomes capable of acceptance, in the absence of a superior proposal.
Perseus offers A$0.575
Last week Perseus offered to increase its takeover offer to A$0.575 per share provided that the OreCorp board recommend to shareholders that they accept the amended proposal.
With the OreCorp board determining that the amended Perseus proposal was superior and with no superior offer emerging, the board has made its unanimous recommendation.
OreCorp also provided Silvercorp with the opportunity to discuss and/or negotiate any equivalent or superior…
