china in $830m bid for discovery metals

http://www.theaustralian.com.au/business/mining-energy/china-in-830m-bid-for-discovery-metals/story-e6frg9df-1226488001648

China in $830m bid for Discovery Metals
BY: RHIANNON HOYLE From: Dow Jones Newswires October 04, 2012 11:04AM

SHANGHAI-based private equity firm Cathay Fortune Corp said today it has made a $830 million non-binding, indicative offer to acquire Australian-listed Discovery Metals.

Under the proposal, a joint venture of Cathay, or CFC, and the China-Africa Development Fund would acquire 75 per cent and 25 per cent of the mining company, respectively, for $1.70 a share in cash.

The offer, put to the company on September 21, represents a 45 per cent premium to the volume-weighted average price for Discovery in the past 20 trading sessions.

Discovery Metals is a copper explorer and producer, and owns the Boseto project in north-west Botswana.

CFC already owns 13.7 per cent of Discovery's ordinary shares.

CFC is being advised by Citi and King & Wood Mallesons.