OZ Minerals Limited (ASX:OZL) announced that on 16 November 2022, it had received a revised conditional, non-binding, and indicative offer from BHP Group Limited to buy all shares in OZ Minerals for AU$28.25 per share in cash through a scheme of arrangement.
The Revised Proposal of AU$28.25 per share denotes an enterprise value of AU$9.6 billion, a 49.3% premium to the company’s undisturbed closing share price of AU$18.92 per share on 05 August 2022, a 59.8% premium to OZ Minerals’ undisturbed 30-day VWAP of AU$17.67 per share as at 05 August 2022 and a 13.0% increase compared to the Primary Proposal of AU$25.00 per share.
After cautiously evaluating the revised offer, the Board of OZ Minerals has decided to allow BHP to conduct due diligence for 4 weeks on an exclusive basis and to work cooperatively towards entry into a scheme implementation agreement with BHP according to the terms of the Revised Proposal. The 4 week period is projected to start on or around 21 November 2022.
At AEDT 11:36 AM, OZL shares are trading at AU$27.430, up 4.296% from the previous close.
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