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26 Mar 2021 | 07:35

Nova lifts bid for Kaz Minerals to £4.1bn

(Sharecast News) - Nova Resources has lifted its offer for Kaz Minerals to 850p a share, valuing the London-listed copper miner at £4.1bn. Owned by Kaz's two largest shareholders, chairman Oleg Novachuk and director Vladimir Kim, Nova made its initial offer for the 61% of the company it does not already own last October.

However, it was rejected by some of Kaz's minority shareholders, who said it did not reflect the group's fair value and prospects. The offer was then lifted to 780p a share as copper prices started rising on higher demand from the electric car industry. Including a special dividend, Friday's revised offer comes to 869p a share.

The offer has been accepted by the company and was declared final by Nova. It represents a premium of around 36% to the original bid price of 640p made in October as shares in Kaz soared on the back of a surging copper price.

"Copper market dynamics have evolved since the announcement of the original offer in October 2020, and the final increased offer fully reflects this change," said Novachuk.
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