Join our daily newsletter At The Bell to receive exclusive market insights
Perseus Mining (ASX:PRU) has thumbed its nose at Canada’s Robex Resources (ASX:RXR) as it heads out the door, stepping away from the merger tussle over Predictive Discovery (ASX:PDI) with one last swipe at the rival suitor.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Perseus, which stands as Predictive’s largest shareholder, had set up a bidding war after muscling in on Robex’s merger plan with Predictive Discovery.
The Johnny-come-lately bid – $2.1 billion in scrip – from the Oz miner had originally been deemed “superior” by Predictive’s board, but Robex had then answered in kind and matched the takeover some days later.
Under the new deal, the Canadian suitor is now offering all PDI shareholders as much as 53.5% ownership in what would be a merged entity. It was enough to scare away Perseus, apparently; it’s withdrawn its offers.
The Aussie company’s still not too happy, though, and made that very clear. “Perseus believes the revised Robex merger offer remains inferior to [our] proposal,” the company’s spokesperson wrote this Tuesday morning.
The evidence Perseus pointed to included recent trading in Predictive, which “continues to trade at a discount to the value implied by Perseus’ proposal.”
“Notwithstanding this, in the absence of a change in the likelihood of the success of the Predictive-Robex merger, Perseus does not intend to submit a revised proposal. However, Perseus reserves the right to vary its position or make a further proposal should circumstances change,” they added.
PRU shares are $5.40/ea this morning. PDI is at 71cps.
Join the discussion. See what HotCopper users are saying about Perseus Mining Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
