The months-long takeover battle for Australian copper developer New World Resources (ASX: NWC) is drawing a conclusion after Canadian private equity firm Kinterra Capital lodged an improved offer to beat out Central Asia Metals (LON: CAML)
On Thursday, Kinterra, through its Critical Materials & Infrastructure Opportunities Fund II, made a revised off-market bid of A$0.066 per share, or A$0.067 if its relevant interest in New World exceeds 30% by the end of trading on July 24. The firm currently owns about 19.99% of New World.
Upon assessing the offer, which was declared by Kinterra to be unconditional, New World’s board determined that it will “reasonably be expected to lead to a superior proposal” compared to CAML’s latest offer of A$0.065 per share. It subsequently gave the latter five business days (until July 24) to match this bid.
On Monday, the Australian miner said CAML has conveyed…
