Silvercorp Offers To Acquire All OreCorp Shares It Does Not Already Own For A$0.19 Cash Plus 0.0967 Silvercorp Shares Per OreCorp Share
Portfolio Pulse from Benzinga Newsdesk
Silvercorp Metals Inc. (NYSE:SVM) has offered to acquire all shares of OreCorp Limited (ASX: ORR) that it does not already own for A$0.19 cash plus 0.0967 Silvercorp shares per OreCorp share. The implied value of A$0.5891 per OreCorp share represents a significant premium over recent VWAPs. The OreCorp Board unanimously recommends acceptance of the offer, which is subject to minimal conditions, including a 50.1% minimum acceptance. The transaction aims to create a globally diversified precious metals producer and is not subject to Silvercorp shareholder approval or financing conditions. Silvercorp and OreCorp have terminated their previous Scheme Implementation Deed and will provide further details in their respective Bidder's and Target's Statements.
December 26, 2023 | 10:13 pm
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Silvercorp Metals Inc. has made an offer to acquire OreCorp shares, which could lead to increased market presence and shareholder value. The deal is recommended by the OreCorp Board and is not contingent on Silvercorp shareholder approval.
The acquisition is likely to be viewed positively as it could lead to a larger, more diversified company with greater market presence. The premium offered and the Board's recommendation suggest a favorable outlook for the transaction, which may increase investor confidence in SVM's growth strategy.
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