Silvercorp and Perseus vied for months to acquire the OreCorp, which saw Perseus raise its cash offer in March to A$0.575 a share. The figure, representing 4.5% increase over its previous bid of A$0.55, had been originally turned down by OreCorp earlier this year.
OreCorp gave Silvercorp five days to increase its bid, but the period expired on March 26, resulting in the Australian junior encouraging shareholders to accept Perseus’ proposal. This offer remains unconditional and open until April 19, unless it is extended.
OreCorp noted on Wednesday that it’s already actively working with Perseus to transition its board and management team in respect of the takeover.
Central to the battle for OreCorp was the company’s Nyanzaga gold project in northwest Tanzania, which is located near Barrick Gold’s (TSX: ABX; NYSE: GOLD) Bulyanhulu mine and AngloGold Ashanti’s (JSE: ANG) (NYSE:AU) Geita mine.
A 2022 definitive…
