In today’s briefing:
- Oz Minerals Rejects BHP’s Opportunistic Foray – Expect More
Oz Minerals Rejects BHP’s Opportunistic Foray – Expect More
- Early 8 August, OZ Minerals Ltd (OZL AU) announced it had rejected BHP Group Ltd (BHP AU)‘s indicative acquisition proposal at A$25.00/share, after BHP had bought less than 5%.
- The Board took a quick look over the weekend and decided “the Indicative Proposal significantly undervalues OZ Minerals” and rejected it out of hand.
- It has been an obvious deal for years. This may not be BHP’s last go, but they will probably need to pay more like A$30/share to get it.
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