Orecorp (ASX:ORR) appears to have finally selected a suitor to take its hand through a takeover process – and the winner isn’t Canada’s Silvercorp.
Instead, Perseus Mining (ASX:PRU) appears to be the successful company in making a pitch that Orecorp’s shareholders can admire, a cohort that includes Tim Goyder.
Silvercorp’s offer ultimately lapsed and OreCorp terminated a bid kicked off back in December.
In turn, Orecorp is now recommending that all shareholders accept the Perseus bid “once it becomes capable of acceptance, in the absence of a superior proposal.”
Silvercorp had been trying hard to win Orecorp holders over, even coming to this masthead’s Canadian operations to run sponsored content – but in the end, Orecorp appears set to go with the competition.
Orecorp is a gold miner developing a project in Tanzania, East Africa.
Orecorp is a relative smallcap at $272M with 469M shares on issue at 58cps each. The stock once hit 80cps but has struggled in recent years.
Perseus Mining is listed on the ASX under ticker code PRU and boasts a market cap of $2.78B. Its shares are worth $2.03/sh with 1.37B on issue.
ORR last traded at 58cps.