Antofagasta has increased its cash takeover offer for Tethyan Copper Company Ltd to $1.40 per share, up from its original offer of $1.20 per share. The board of Tethyan recommends shareholders accept the Antofagasta offer in the absence of a superior offer and are advised to reject the Skafell Pty Ltd offer of $1.35. Antofagasta has also reduced the number of conditions to its bid. Skafell is the takeover vehicle of Hong Kong asset management group Crosby Capital Partners. “The board is delighted that Antofagasta has come forward with this higher offer, which represents an outstanding outcome for our shareholders,” Tethyan managing director David Moore said. “I am also very pleased that the protracted takeover process is now drawing to an end and I know that Antofagasta and Barrick will be widely welcomed in Pakistan once this process is complete and they are able to start work at Reko Diq.”