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Article: UNITED MINERALS MAY REJECT CHINESE TAKEOVER BID AFTER BHP OFFER.
- Article from:
- AsiaPulse News
- Article date:
- October 16, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELBOURNE, Oct 16 Asia Pulse - United Minerals Corporation NL (UMC)(ASX:UMC) may reject the major investment by Chinese company it heralded last month, after recommending shareholders accept a takeover offer by BHP Billiton Ltd (ASX:BHP).
BHP Billiton made its move on UMC on Friday, offering shareholders $1.30 cash for each UMC share, valuing the minerals explorer at A$204 million (US$187.72 million).
The offer is conditional on UMC not proceeding with a major investment by the China Railway Materials Commercial Corp Group (CRM).
That CRM deal announced last month was described by UMC at the time as "groundbreaking" and a "significant milestone" ...