Reuters – Australia’s Discovery Metals Rejects Takeover Offer
Australia's Discovery Metals Ltd unexpectedly rebuffed a takeover offer led by a Chinese private equity firm valuing the copper miner at A$824 million ($844.31 million), but said it remained open to a higher bid, Reuters reported Thursday. Cathay Fortune Corp., founded by Chinese billionaire Yu Yong, teamed up with the state-backed China-Africa Development Fund to make an offer of A$1.70 a share last week. CFC already owns a 13.7 percent stake in the copper miner.
11 October 2012•2 mins read
