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Monday, 23rd March 2009 (780 views)

A deadline for an evaluation of the possible takeover of Oz Minerals has been extended, it has been announced.

Oz Minerals revealed that the assessment period being undertaken by China Minmetals Non Ferrous Metals Company Limited (Minmetals) has been extended by Australia's Foreign Investment Review Board (Firb).

The Firb decision will add an extra 90 days to the evaluation from March 24th, with Oz Minerals stating that it "understands the requirement for proper process to be followed".

However, it added that it is in the firm's interests - as well as those of "shareholders, stakeholders and employees" - for the takeover to be resolved as soon as possible.

The proposal by Minimetals to offer 82.5 cents (40 pence) per share for all outstanding stock in the company was accepted by Oz Minerals last month.

Shareholders were unanimously recommended to accept the offer by the board of directors, subject to an independent assessment of the interests of those holding shares in the company.

 

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