Dundee Precious Metals Shares Up as Bid Unchanged for Osino Resources
Published: Feb. 20, 2024 at 10:27 a.m. ET
By Adriano Marchese
Dundee Precious Metals share jumped Tuesday morning after it said the company won’t make another offer with a higher bid for Osino Resources in response to a greater offer from a foreign-based company.
Shares were trading over 10% higher at 9.10 Canadian dollars ($6.75).
The…
By Adriano Marchese
Dundee Precious Metals share jumped Tuesday morning after it said the company won’t make another offer with a higher bid for Osino Resources in response to a greater offer from a foreign-based company.
Shares were trading over 10% higher at 9.10 Canadian dollars ($6.75).
The Canadian gold miner said Tuesday that another company has made a binding proposal to acquire Osino at a price of C$1.90 Canadian dollars a share in cash, a proposal that Osino determined to be the better offer than Dundee’s with an implied value of C$1.55 a share.
In mid-December when Dundee first agreed to acquire Osino, shares fell sharply on the news, despite Dundee’s reasoning that the move would add a long-life open-pit gold project and exploration sites in Namibia to its portfolio.
Dundee said Tuesday it won’t make an amended offer but noted that if Osino terminates their deal to enter into a binding agreement with the new bidder, Osino will have to pay to Dundee a termination fee of C$10 million.
Write to Adriano Marchese at adriano.marchese@wsj.com
