Discovery Metals Urges Shareholders to Reject Bid

Reuters reported that Australia’s Discovery Metals told shareholders that a recent bid from Cathay Fortune Corp for A$824 million ($856 million) should be rejected based on the potential value they see coming from its key copper project in Botswana.

As quoted in the market report:

The offer is opportunistically timed to exploit a period of temporary share price weakness,” Discovery said in its formal response to the bid from CF Investments on Friday.

To view the whole Reuters report, click here.