Canadian private equity firm Kinterra Capital has taken its takeover fight for Australian copper miner New World Resources (ASX: NWC) to the country’s Takeovers Panel, accusing rival bidder Central Asia Metals (LON: CAML) and NWR of breaching the Corporations Act.
Kinterra alleges that both NWR and CAML were involved in insider trading, market manipulation and misleading conduct. The firm, which now owns over 19% of NWR, is seeking to block a planned A$10 million share placement to CAML and prevent the UK-based base metals producer from acquiring additional shares.
The conflict follows a series of bidding rounds. CAML and NWR first agreed in May to a scheme of arrangement priced at A$0.053 per share. That offer was raised twice in response to Kinterra’s growing interest, with the current CAML proposal matching Kinterra’s latest bid of A$0.062 per share.
CAML has also been buying NWR shares…
