the australian news article re cbh

Toho Zinc offer very attractive, CBH chief says
Australian April 28, 2010 12:00AM

BASE metals miner CBH Resources has recommended a takeover bid from its largest shareholder Japan's Toho Zinc.
The Toho offer values CBH, which is a zinc, lead and silver miner, at $361.5 million including any company debt.

Toho already owns 24.1 per cent of CBH.

CBH is the subject of a rival bid by Belgian suitor Nyrstar, whose offer values the target at $310m.

Under the Toho offer, CBH shareholders are being offered 24c per CBH share and $1000 cash for each CBH convertible note held.

"A committee of CBH directors independent of Toho . . . unanimously recommends the Toho offer, subject to no superior proposal emerging," CBH said in a statement. The Toho offer is subject to a 90 per cent minimum acceptance of shares, and approvals from government agencies.

Toho had earlier made a proportional takeover bid for CBH at 30c a share to boost its stake to a maximum of 49.9 per cent.

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Nyrstar is seeking to acquire almost $100m worth of CBH's convertible notes and all its ordinary shares for 19.5c a share, valuing the target at about $310m.

CBH managing director Stephen Dennis said Toho's latest offer looked good.

"This offer from CBH's major shareholder, Toho, is very attractive for CBH shareholders, particularly when compared to previous proposals received recently by the company," Mr Dennis said.

"It is particularly noteworthy that the Toho offer is above the independent expert's valuation range of 18.7c to 23.3c per share," he said.

CBH said that it was Toho's present intention to serve its bidder's statement as soon as practicable.

Shares in CBH finished up 2.5c yesterday at 23c.

aap

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IMO Toho's offer is superior at the moment.
And I could not see any clue that Nystar has a intention to increase their offer price or any third party is circling for this T/O situation.

Regards,