Perseus Mining, a prominent player in the Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX), has made a significant move by declaring its takeover bid for OreCorp unconditional. This announcement solidifies Perseus’s position in the market, particularly in the absence of any competing offers. As of April 5, Perseus holds a relevant interest in a substantial portion of OreCorp shares, amounting to 51.03% of the total shares issued by OreCorp, equating to approximately 239.5 million shares.
The decision to declare the offer unconditional signifies Perseus’s confidence in its bid for OreCorp. By taking this step, Perseus aims to reassure shareholders and demonstrate its commitment to the acquisition. This move also indicates that Perseus does not intend to increase the current offer consideration, which stands at $0.575 per OreCorp share. The decision not to revise the offer, especially in the absence of competing proposals, provides clarity to OreCorp shareholders and emphasizes Perseus’s firm stance on the deal.
Furthermore, Perseus has expedited the payment terms for the offer consideration, urging OreCorp shareholders to accept the offer promptly. This acceleration in payment terms reflects Perseus’s eagerness to move forward with the acquisition process efficiently. By encouraging shareholders to accept the offer without delay, Perseus aims to streamline the transition process and expedite the realization of value for OreCorp shareholders.
In response to Perseus’s unconditional offer, OreCorp has announced its active collaboration with Perseus to facilitate the transition of OreCorp’s board and management team. This collaborative effort underscores the constructive relationship between the two entities and their shared commitment to ensuring a smooth transition process. As part of this transition, Perseus intends to appoint its representatives, including Chairperson Jeff Quartermaine and CEO Lee-Anne de Bruin, to key positions within OreCorp’s board and management team. This strategic move will result in the departure of several current OreCorp board members, ultimately ensuring that Perseus’s nominees constitute the majority of directors on OreCorp’s board.
Perseus emphasizes its appreciation for the collaborative relationship developed with OreCorp during this transition period. The company acknowledges the positive response from OreCorp shareholders and underscores the benefits and value that the offer provides to OreCorp shareholders. By declaring the offer unconditional and best and final, Perseus aims to provide certainty and expedite the realization of value for OreCorp shareholders. This decisive action reflects Perseus’s commitment to delivering compelling benefits to all stakeholders involved in the acquisition.
Looking ahead, Perseus is poised to capitalize on the opportunities presented by the acquisition of OreCorp. Senior executives from Perseus are scheduled to visit Tanzania in the near future to strengthen relationships with key government and industry stakeholders. Additionally, they aim to engage with existing employees and associates of OreCorp to lay the groundwork for the commencement of the development of the Nyanzaga gold project. This proactive approach underscores Perseus’s strategic vision and commitment to driving growth and value creation in the gold mining sector.
In conclusion, Perseus’s declaration of its offer for OreCorp as unconditional marks a significant milestone in the acquisition process. The company’s firm stance on the offer, coupled with its proactive approach to the transition process, demonstrates its commitment to delivering value to OreCorp shareholders. As Perseus moves forward with the acquisition, it remains focused on realizing synergies, driving growth, and creating value for all stakeholders involved.
Source: Mining Weekly
