Orecorp (ORR AU): Well Played Perseus
After Perseus (PRU AU) announced it had secured Tanzanian Fair Competition Commission approval, Orecorp (ORR AU) continued to sit on its hands as, technically, Silvercorp (SVM CN) terms were superior.
PRU added 2% overnight bringing its stake to 22% vs SVM's 21%. SVM said they won't extend beyond the 22nd March. Something had to give.
This morning, PRU bumped its all-cash Offer to A$0.575/share (from A$0.55/share), with 15.6% of shares out intending to accept. SVM have five business days to counter.
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