By Rhiannon Hoyle
Oz Minerals Ltd. has rejected a nonbinding takeover proposal from BHP Group Ltd., saying it significantly undervalues the Australian copper-and-gold mining company.
Adelaide-based Oz Minerals said it received the unsolicited and conditional proposal from the world's largest mining company by market value on Aug. 5 to acquire its shares for 25 Australian dollars (US$17.30) each. Oz Minerals last traded at A$18.92 a share.
BHP already has a stake of less than 5%, the company said.
BHP Chief Executive Mike Henry said he was "disappointed that the Board of OZL has indicated that it is not willing to entertain our compelling offer or provide us with access to due diligence in relation to our proposal."
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