JOHANNESBURG (miningweekly.com) – Aim-listed Metal Tiger on Monday rejected fellow-listed BMR Group’s indicative takeover offer on the basis that the potential bid “fundamentally undervalues” the natural resource investor.
While Metal Tiger would not recommend to shareholders the offer of 0.231 BMR share for every one Metal Tiger share, the company indicated that it would consider negotiations on the back of a significantly improved indicative offer and following the results of a scoping study of its Botswana-based joint venture (JV) assets.
Metal Tiger is currently undertaking a scoping study under a 30:70 JV with ASX-listed MOD Resources for a potential openpit mining operation at T3 in the Kalahari copperbelt, in Botswana.
Metal Tiger independent directors Terry Grammer and Jordan Luckett noted that there were synergies between the companies.
In a separate statement issued on Monday, BMR said it would review Metal Tiger’s comments and a formal response would follow in due course.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
