Genesis Minerals has made a competing takeover offer for Australian gold miner Vault Minerals, valuing the target at $3.9 billion. This proposal is superior to Vault Minerals' previously agreed merger deal with Regis Resources.
Under the terms of the Genesis Minerals bid, shareholders in Vault Minerals would receive 0.7629 new Genesis Minerals shares for each of their shares, plus 47.5 Australian cents (equivalent to 33.0 U.S. cents) in cash.
In separate statements released on Monday, the two companies stated that the offer values Vault Minerals at approximately A$5.27 per share, representing a total consideration of A$5.6 billion.