ENRC details founders’ $2.3bn cash-and-share bid plan
Kazakhstan’s government and the trio of founders behind miner ENRC, seeking to take the company private, have offered shares in rival Kazakhmys as well as cash in an indicative proposal valuing the group at just under $5 billion. ENRC’s billionaire co-founders, Alexander Machkevitch, Alijan Ibragimov and Pathokh Chodiev, said last month they were weighing up a buyout of the miner’s minority investors and had the support of the government, which is also a top shareholder. ENRC’s independent directors said they had rejected a tentative buyout offer and gave the bidding consortium until June 3 to come up with an improved bid. But they did not detail the value or structure of the bid.
See http://www.mineweb.com/mineweb/content/en/mineweb-fast-news?oid=190731&sn=Detail.
Kazakhmys ‘a party to ENRC offer’, says Takeover Panel
The Takeover Panel has ruled that Kazakhmys should be treated as a party to the indicative offer for Eurasian Natural Resources Corporation. Earlier ENRC confirmed the terms of the indicative offer which had been received by a consortium which comprises the government of Kazakhstan and ENRC’s co-founders, Alexander Machkevitch, Alijan Ibragimov and Pathokh Chodiev.
See http://shares.telegraph.co.uk/news/article.php?id=4597997&epic=.