Vancouver based Nevsun agrees to takeover bid by Chinese firm Zijin
Vancouver-based Nevsun Resources Ltd. says it has reached an agreement to be acquired by a Chinese firm for $1.86 billion.
In a news release Wednesday morning, Nevsun says Zijin Mining Group Co. Ltd. will acquire all of its issued and outstanding shares at $6 per share in cash.
It says details of the offer will be included in a circular that Zijin will send to Nevsun shareholders in the coming days.
The Vancouver company’s board of directors is recommending that shareholders accept the Chinese company’s offer.
In August, Nevsun said it had rejected a bid by the Toronto-based Lundin Mining Corp.
The company says its board is recommending that shareholders reject that offer, worth $1.4 billion.