syndicate to trump chinese offer - the smh, page-11

From Business Spectator, "Lunch Deals":

OZ Minerals

Embattled miner OZ Minerals has responded to media "speculation" saying it has "not received a recapitalisation proposal which it considers to be a superior alternative to the China Minmetals transaction." You can read that as the $US1.2 billion recapitalisation proposal from Royal Bank of Canada (RBC) and local investment firm RFC Group has been received by the board, but the company is waiting for it to increase. Minmetals, after all, is offering OZ $US1.2 billion for $US1.6 billion worth of assets so there's still $US400 million to move and bargains can still be had at better prices.

However, RBC and RFC will have to be quick OZ shareholders vote on the Minmetals offer on June 11 and Barrick Gold is said to be waiting in the wings with an offer for Prominent Hill, which Minmetals has been denied on "security grounds". A lot can happen in a week.