“We are pleased to adjust our transaction with OreCorp after it became clear that the previously proposed scheme, due to outside interference, was at risk of not completing,” Silvercorp’s chairman and CEO Rui Feng said in a media statement, referring to the November 23 cash offer his company made to OreCorp, which valued OreCorp at A$260 million ($170m).
“Our offer is subject to a very limited number of conditions. Silvercorp obtained the required approval of the Tanzania Fair Competition Commission approximately two months after the application was submitted. Even if an alternative proposal is made, there is uncertainty as to whether it would be successful in receiving similar FCC approval. Accordingly, our offer provides OreCorp shareholders with the opportunity to receive the consideration in a timely manner,” Feng pointed out.
Further details regarding the offer are expected to be provided in Silvercorp’s bidder’s…
