In today’s briefing:
- OZ Minerals (OZL AU)’s A$28.25 Non-Binding Offer from BHP
OZ Minerals (OZL AU)’s A$28.25 Non-Binding Offer from BHP
- OZ Minerals Ltd (OZL AU) has received a revised non-binding indicative offer from BHP Group Ltd (BHP AU) at A$28.25 per share, a 13.0% premium to the previously rejected offer.
- The Board has granted four weeks of due diligence and intends to recommend a binding offer at A$28.25 per share, in the absence of a superior proposal.
- While the offer is below the rumoured Board’s target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is 3.3%.
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