UPDATE 1-CAMEC makes rival A$222 mln bid for OmegaCorp
Fri Apr 13, 2007 2:45am ET14
yahoo.reuters.com
(Adds details, background)
LONDON, April 13 (Reuters) - British miner Central African Mining & Exploration Company Plc (CAMEC) (CFM.L: Quote, Profile , Research) said on Friday it had made an all-share bid for takeover target, Australia's uranium-focused OmegaCorp Ltd (OMC.AX: Quote, Profile , Research).
CAMEC said the offer of one new CAMEC share for every Omega share valued Omega at around A$222 million ($183 million), based on Wednesday's closing price, a 25 percent premium to a rival offer from Canada's Denison Mines Corp (DML.TO: Quote, Profile , Research).
CAMEC, which has operations in Mali, Mozambique and South Africa, said the deal would enhance its diversification and increase access to the capital markets of Europe and the United States, while giving it rapid development potential.
In March, uranium miner Denison, which already owns about 31.5 percent of Omega, sweetened its approved all-cash bid -- which is due to expire on Friday -- to A$1.15 and said this was its final offer.
Shares in CAMEC closed at 59-3/4 pence on Thursday, valuing the group at around 674 million pounds ($1.3 billion). Australia-listed Omega shares were up 9.6 percent at $1.425 by 0635 GMT. |
