THE board of Tethyan Copper has moved to reject a takeover offer by Hong Kong-based Crosby Capital Partners, which values the company at 64 cents per share.
In an announcement to the Australian Stock Exchange, the board, which includes Mincor managing director David Moore has unanimously rejected the offer, considering it to be “opportunistic and substantially undervalues the company and its assets”.
Crosby has claimed it is better positioned to raise the capital needed to fund the Reko Diq project, and that Tethyan shareholders would be better off accepting its cash offer.
Tethyan is in the advanced stages of a Bankable Feasibility Study on the H4 “Starter” project, the proposed first development phase at Reko Diq copper-gold mine in Pakistan.
© Business News 2017. You may share content using the tools provided but do not copy and redistribute.