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Jul 16, 2018

Nevsun says Lundin offer ignores fundamental value of the company

Lundin takes aim at Nevsun – again

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TORONTO - Nevsun Resources Ltd. says a renewed takeover offer by Lundin Mining Corp. ignores the fundamental value of the company.

The company urged shareholders to take no action in response to Lundin's announcement, noting that no formal offer has yet been made.

Lundin Mining says it plans to make a restructured $1.4-billion cash offer for Nevsun Resources after a previous attempt fell through.

In May, the company partnered with Euro Sun Mining Inc. on a roughly $1.5-billion takeover offer that was a combination of cash and shares in both firms.

Nevsun rejected that offer because it said it overvalued Euro Sun's shares and because the company's involvement raised other uncertainties.

The company says the latest offer of $4.75 per share in cash is less than the $5 in cash and shares in an expression of interest by Lundin earlier this month.