By: Staff Writer
Osino Resources, a Canadian gold miner, has opted to turn down a recent takeover bid by Dundee Precious Metals in favor of accepting an offer from an undisclosed foreign-based mining company.
In a statement released on Tuesday, Osino announced that its Board of Directors, in consultation with financial and legal advisors and based on the recommendation of a special committee, unanimously deemed the new offer as a “Superior Proposal” in accordance with the terms of the arrangement agreement between the company and Dundee Precious Metals dated December 17, 2023.
As per the new offer, Osino’s shareholders will receive cash consideration of C$1.90 for each common share, valuing Osino at approximately C$368 million (N$5.1 billion).
Currently, Dundee Precious Metals holds 12,699,157 common shares of Osino.
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