Crosby tries again for Tethyan (January 18, 2006)

Having gone nowhere with an earlier bid for Tethyan Copper (TYC-A), Hong Kong merchant bank Crosby Capital (CSB-L) has bumped its offer by A13.5 a share to A77.5.

The new bid jumped the market price of Tethyan shares by A2.5, but the market soon caught up.

Tethyan’s board issued a statement rejecting the Crosby offer, which was made through subsidiary Skafell. Tethyan previously came to a deal with Chilean copper producer Antofagasta (ANTO-L) under which Antofagasta will take up a 50% interest in Tethyan’s large Reko Diq copper project in western Pakistan and a 20% interest in Tethyan itself.