Oz Minerals shareholders yesterday voted in favour of a sale of identified assets to China Minmetals Non-Ferrous Metals Company Minmetals, one day after Minmetals increased its offer by 15% to $1.39 billion and after Oz Minerals' management assured shareholders no better deals had been tabled.
Oz Minerals said in an Australian Stock Exchange filing before the shareholder vote yesterday, that the enhanced offer valued Oz Minerals squarely within the $1.38 billion to $1.6 billion range that independent valuer Grant Samuel had estimated for the assets. It added that the bid was net of incremental costs, such as underwriting fees, break fees and corporate overheads, which other recapitalisation proposals would entail.
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