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SolGold recommends revised £842m from Jiangxi Copper
(Sharecast News) - Copper-gold miner SolGold has recommended shareholders vote in favour of a revised £842m cash offer from Chinese copper giant and Jiangxi Copper Company, which has already received the support from other major shareholders. JCC, which owns 12.2% of SolGold already, has received support from BHP, Newmont, Maxit Capital and SolGold's founder Nicholas Mather for the takeover, which together account for 40.7% of the firm's issued share capital.
"The board of directors of SolGold has indicated to JCC that, should a firm intention to make an offer on the same terms as the Revised Possible Offer be announced in accordance with Rule 2.7 of the Code, it would be minded to recommend such offer to SolGold shareholders," SolGold said in a statement.
The revised offer, which values SolGold at 28p per share, comes after a 26p-per-share offer made by JCC on 28 November and represents a 42.9% premium to the 19.6p closing price the day before JCC's first approach to the SolGold board.
SolGold's shares, which have rocketed nearly 260% so far this year, had pulled back 6.6% to 26.35p by 1053 GMT.
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