The proposed takeover bid for Australian uranium developer OmegaCorp (OMC-A, OMGCF-O), issued by Denison Mines (DML-T, DNMIF-O), now faces a rival offer from London-listed Central African Mining & Exploration (CFM-L, CEAMF-O).
Central African is offering a one-for-one share trade for OmegaCorp, which values the company at A$222 million, or A$1.44 per share. Denison’s offer is for A$1.15 per share.
Conditions on the new bid include a 50.1% tender and regulatory and shareholder approval.
Agreements with seven of OmegaCorp’s large institutional shareholders give Central African a lock-up on just under 20% of the outstanding shares. Denison’s offer, which closed on the same day as the Central African bid, netted 33% of OmegaCorp shares.
Denison said it may retain its 33% interest or tender to the new bid.
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