The shareholders of copper miner Oz Minerals have backed the takeover offer by major BHP.
“Today’s strong endorsement from our shareholders enables the next chapter for Oz Minerals as, pending endorsement of the Court, we will become part of a major global mining company which values our strategy of creating value for stakeholders, enabled by our agile culture of inclusion, innovation and collaboration, as well as our portfolio of modern minerals operating assets and our pipeline of growth opportunities. We thank all our stakeholders for their contribution over the years,” said MD and CEO Andrew Cole.
The two miners earlier this year entered into a scheme implementation agreement under which BHP would acquire all of the shares in Oz at a price of A$28.25 each, valuing Oz Minerals at A$9.6-billion.
The offer price represents a 49.3% premium to Oz Minerals’ closing price on August 5, when the initial proposal was made, and a 59.8% premium to the 30-day volume weighted average share price up to August 5.
“This is a strong endorsement from Oz Minerals shareholders on the value they will receive under the scheme and the hard work of the Oz Minerals team over many years to create a successful business,” said BHP CEO Mike Henry.
“We look forward to bringing together our talent and resources to create an even stronger organisation.”
The transaction is still subject to Federal Court approval, and Oz Minerals is expected to apply for court orders approving the scheme on April 17. If approved by the Court, the scheme is expected to become effective on April 18 and be implemented on May 2.