Andrew Forrest’s Wyloo is finally putting its 19.99 per cent stake in nickel play Mincor Resources to use, lobbing an on-market takeover bid on Tuesday morning that caught the target’s camp off guard.
Andrew Forrest’s Tuesday morning hostile takeover bid for nickel play Mincor Resources has fingers pointing to BHP as a potential counter bidder.Wyloo has offered $1.40 per Mincor share and positioned Bank of America’s equities team to start taking acceptances immediately.
Andrew Forrest have taken their time to make their move on Mincor. The billionaire first popped up as a substantial shareholder in December 2019. You’d have to think BHP wouldn’t like the prospect of competing with Wyloo for nickel into its processing business, at a time when there’s already increased competition on the horizon.
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