In today’s briefing:
- Whispir (WSP AU) Backs Soprano’s Bump
- OreCorp (ORR AU): Silvercorp Switches to a Takeover Offer to Counter Perseus
Whispir (WSP AU) Backs Soprano’s Bump
- Soprano has upped its Offer for Whispir Ltd (WSP AU) to A$0.55/share, and has secured board support.
- Pendula has a higher (indicative) Offer of A$0.60/share; however Whispir sees Soprano’s terms as superior due to the “conditionality, uncertainty and timing of progressing to a binding transaction with Pendula”.
- Soprano’s Offer for Whispir closes on the 10 January – unless extended.
OreCorp (ORR AU): Silvercorp Switches to a Takeover Offer to Counter Perseus
- Silvercorp Metals (SVM US) has switched to an off-market takeover offer. The Orecorp Ltd (ORR AU) consideration remains unchanged at A$0.19 cash and 0.0967 SVM shares per ORR share.
- The takeover offer is conditional on a 50.1% minimum acceptance condition, achievable in the absence of a superior proposal.
- The crucial question is whether Perseus Mining (PRU AU) is comfortable with SVM effectively controlling ORR. We think that there is a low probability of Perseus launching a competing proposal.
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