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(Kitco News) - Teck Resources (TSX: TECK.A and TECK.B) (NYSE: TECK) today confirmed that it has received a revised, unsolicited, non-binding proposal from Glencore plc, which would see that company acquire Teck.
The company said that Glencore's revised proposal appears to be largely unchanged, with the exception of a cash consideration alternative in lieu of shares in the proposed combined coal entity.
"The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised by Teck," the company added.
Teck noted that its Board will carefully and expeditiously review and evaluate the new proposal, adding that the company will advise shareholders of the Board's decision regarding the revised proposal as soon as practicable.
According to a press release, as previously announced on April 3, 2023, following a detailed review and assessment of a similar unsolicited proposal from Glencore, Teck's Board unanimously determined that the proposal was not actionable and not in the best interests of Teck or its shareholders.
"The Board determined that the previously rejected Glencore proposal would have exposed Teck shareholders to material risks and uncertainty and would have transferred significant value to Glencore at the expense of Teck shareholders," the company said.
Teck is one of Canada's leading mining companies with major business units focused on copper, zinc, and steelmaking coal.
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities.
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