OZ Minerals Offer to Buy Avanco Resources Declared Unconditional

Copper focused miner OZ Minerals (ASX:OZL) has today declared its fffer for Avanco Resources (ASX:AVB) unconditional.

The offer if AU$0.085 cash and 0.009 OZ Minerals shares per Avanco share. The offer currently values each Avanco share at $0.178 , which represents a 131 percent premium to Avanco’s last traded price before the offer was announced on 27 March 2018 and is higher than the Avanco share price at any point over the past 5 years.

As highlighted in the press release:

• OZ Minerals’ offer for Avanco declared unconditional
• All remaining outstanding defeating conditions of the offer waived
• Payment terms accelerated
• When combined with Avanco management commitments upon exercise of outstanding options, current acceptances total 46.6 percent
• Offer price is final and cannot be increased by law
• Offer due to close at 7.00pm (Sydney time) on 14 June 2018
• OZ Minerals to assume positions on Avanco board
• Avanco shareholders are urged to accept the offer promptly and without delay

Click here to view the full OZ Minerals (ASX:OZL) press release.