MELBOURNE (dpa-AFX) - BHP Lonsdale Investments Pty Ltd, a wholly owned subsidiary of BHP, has increased its all-cash offer for Noront Resources Ltd. (NOT.V) to C$0.75 per share, representing a 36% premium to its previous offer, a 7% premium to Wyloo Metals Pty offer.
The Noront Board, considering the superior C$0.75 per share cash purchase price in the amended Offer, has determined that the proposal from Wyloo Metals Pty Ltd., at a price of C$0.70 per share, has ceased to be a 'superior proposal', and recommends the Noront shareholders tender their shares to the BHP offer.
In order for Noront shareholders to receive the C$0.75 all-cash offer price for their shares, at least 50% of shares not owned by BHP must be tendered.
The BHP offer will be open until on November 9, 2021. Shareholders have 22 days to decide to accept the full and immediate value offered by BHP.
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