Bidding war underway - BHP tops Wyloo's Noront offer, again
Today BHP Billiton increased its all-cash offer to Noront Resources' shareholders to 75 cents Canadian per share.
The offer represents a 36% premium to its previous offer, a 7% premium to the Wyloo offer and a 213% premium to Noront’s unaffected price, according to a press release from Noront Resources (TSXV: NOT).
"Noront supports BHP’s improved offer and recommends shareholders tender now to receive the cash consideration offered," the company added.
It was only yesterday that Wyloo had the best bid on Noront.
Noront is a Canadian-based mining company that has the largest land position in the Ring of Fire. Noront's Eagle's Nest project is a nickel, copper and platinum group element (PGE) deposit. Noront said the project is the largest high-grade nickel discovery in Canada since Voisey's Bay and the most advanced project in the Ring of Fire.
BHP Billiton is the world's largest diversified miner based on market capitalization.
A year ago Noront was trading at 16 cents.