(Bloomberg) -- Impala Platinum Holdings Ltd. offered to buy Royal Bafokeng Platinum Ltd. for about 43.4 billion rand ($2.7 billion), reviving its pursuit of a smaller South African rival after an initial bid was foiled.

Implats, as the miner is known, offered 150 rand in cash and shares to RBPlat shareholders, a 24% premium to the closing price on Nov. 26. That renewed its bid for control after a stake purchase by Northam Platinum Holdings Ltd. blocked its earlier approach. Implats said it has already built a 24.5% stake in RBPlat.

Read more: King Sinks Impala Plan to Create World’s No. 1 Platinum Firm

Implats has long wanted to own Royal Bafokeng’s lower cost and mechanized assets, which are adjacent to its sprawling Rustenburg mining complex and are key to prolonging the life of its aging, deep-level operations. The miner’s bid to buy all of RBPlat early this month was thwarted when Northam swooped to buy a 32.8% stake from its largest shareholder. 

“For RBPlat shareholders, the offer provides a compelling value proposition by crystallizing inherent equity value at an attractive premium, through the receipt of a combination of cash and high quality and liquid scrip in a company,” Implats said.

Implats said Abax Investments, Allan Gray Ltd., Coronation Asset Management Ltd., MandG Investment Managers and Ninety One SA Ltd. have already sold their shares to the company. 

RBPlat shares closed at 121 rand on Nov. 26, valuing the company at about 35 billion rand. Implats closed at 180.29 rand, giving it a value of more than 147 billion rand. 

RBPlat said in a separate statement it has appointed PSG Capital Ltd. as an independent expert to assess the Implats offer. 

©2021 Bloomberg L.P.