SolGold rejects second takeover proposal from JCC, shares spark

(Sharecast News) - SolGold shares sparked on Friday after the copper and gold miner said it had rejected a second takeover proposal from China's Jiangxi Copper Company (JCC). The company said in a statement that it had rejected a 26p a share proposal, having already rejected an earlier proposal on 23 November.

"The SolGold board has carefully considered this proposal along with its advisers, and has unanimously decided to reject this proposal," it said.

"The SolGold board remains confident in SolGold's standalone prospects," it added.

Under UK takeover rules, JCC now has until 26 December to either announce a firm offer or walk away.

At 1615 GMT, SolGold shares were up 14% at 29.82p.