News, Takeover bids

Wyloo announces final extension of Mincor offer


Wyloo Metals has increased its shareholding in Mincor Resources to 72.77 per cent and announced a notice of final extension.

The offer has now been extended to July 5, less than a month after it was extended to May 22.

Wyloo’s offer to Mincor was originally proposed on March 21, when Wyloo was Mincor’s largest shareholder with a 19.9 per cent stake.

Wyloo’s takeover offer to Mincor is worth $760 million, with a price of $1.40 per share. Wyloo have maintained this offer is best and final and cannot be increased unless a superior proposal is received.

Mincor responded to Wyloo’s offer by advising its shareholders to take no action until the Mincor directors give a formal recommendation, which was granted not long after.

“The Mincor directors continue to unanimously recommend that Mincor shareholders accept the offer, in the absence of a superior proposal,” Wyloo said in an announcement.

“All Mincor directors have accepted the offer in respect of all Mincor shares owned or controlled by them.”

Upon acquiring an interest and voting power in more than 50.1 per cent of Mincor but less than the 90 per cent, Wyloo will seek to have Mincor delisted from the ASX.

“Wyloo confirms its intention that if it acquires an interest and voting power in 90 per cent or more of Mincor and is entitled to proceed to compulsory acquisition of Mincor, it will proceed with compulsory acquisition and seek to have Mincor removed from the official list of the ASX,” the company said.

Wyloo is urging all remaining shareholders to sell their shares now before Mincor is delisted and the shares are not able to be sold on the ASX.

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