ENRC rejects takeover bid from founder’s consortium

May 21, 2013 | 02:30 PM | Claire Hack

Tags  ENRC, Eurasian Natural Resources, ENRC, Kazakhmys, takeover bid, Alexander Machkevitch, Patokh Chodiev, Alijan Ibragimov Claire Hack

LONDON — Eurasian Natural Resources Corp. Plc’s (ENRC’s) independent board committee has rejected an indicative takeover proposal from ENRC founder Alexander Machkevitch and the consortium he set up to bid for the diversified miner.

The proposal had included an offer of 175 pence ($2.66) per share in cash, or an aggregate of about $1.6 billion, as well as 0.231 of a share of Kazakhmys Plc for each ENRC share, the London-based company’s independent committee said May 20, adding that it believes the proposal "materially undervalues ENRC." ....

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