Dec 31, 2019
Chinese firm Zijin Mining successful in takeover of Nevsun Resources
The Canadian Press
VANCOUVER -- Nevsun Resources Ltd. says Chinese company Zijin Mining Group Co. Ltd. has been successful in its $1.86-billion friendly takeover offer for the company.
The companies say about 89.37 per cent of the total issued and outstanding Nevsun shares on a fully diluted basis were tendered to the offer of $6 per share in cash by the Dec. 28 deadline.
The offer has now been extended until Jan. 7 to allow the remaining shareholders to tender their shares.
In August, Nevsun rejected a bid by the Toronto-based Lundin Mining Corp.
Nevsun has a copper-gold project in Serbia and a 60 per cent stake in the copper-zinc Bisha Mine in Eritrea.
Shares in Nevsun closed at $5.95 on the Toronto Stock Exchange on Friday.