Camec backs off OmegaCorp offer

Central African Mining & Exploration (CFM-L) has withdrawn its takeover bid for Australian uranium explorer OmegaCorp (OMC-A), saying several conditions of its bid will not be in place.

OmegaCorp said it would go ahead with a public offering of shares in Mavuzi Resources, a company it is spinning off to develop assets in Mozambique. Central African said the spinoff plan — which OmegaCorp had announced in January, almost three months before the Central African bid — violated conditions of its offering statement.

Central African’s bid was conditional on OmegaCorp’s not disposing of assets during the bid period.

Denison Mines (DML-T, DNN-X) holds a 33% shareholding in OmegaCorp, the product of a previous takeover bid that did not attract enough tenders for Denison to complete it. Denison has previously announced that it might tender to the Central African bid or that it might retain the shareholding. The company said its position had not changed as a result of Central African abandoning the bid.