Kinterra has now firmed an off-market Offer for at A$0.057/share for copper-play New World Resources (NWC AU). There is no minimum acceptance condition.
Kinterra's Bidder's Statement will be dispatched no later than the 10th July, at which time the Offer will open. A Target statement is expected 15 days later.
Central Asia Metals (CAML LN) has matchng rights. Expect those rights to be used.
NWC is illiquid. Look away now of this is not your bag
The Trade:
CAML will likely match Kinterra's terms.
But it's doubtful they'll duke it out much beyond that.
CAML's share price is under pressure as this competitive bidding situation heats up.
I still believe ~A$0.06/share is the end game, with Kinterra the winner.
If illiquid arbs are your bent, get in around here. Don't chase it beyond A$0.06/share.