BHP has submitted a revised non-binding indicative proposal to the Board of OZ Minerals to acquire 100% of OZL by way of a scheme of arrangement for a cash price of AUD 28.25 per OZL share. This offer price represents the best and final price BHP is willing to offer under the Revised Proposal, in the absence of a competing proposal.The OZL Board has confirmed to BHP that it intends to unanimously recommend the Revised Proposal to OZL shareholders as being in the best interests of OZL shareholders in the absence of a superior proposal subject to the parties entering into a binding scheme implementation agreement following completion of BHP’s confirmatory due diligence and an independent expert concluding that the Revised Proposal is in the best interests of OZL shareholders.The Revised Proposal price of AUD 28.25 per share corresponds to an enterprise value of AUD 9.6 billion for OZL and represents a significant and attractive premium of:BHP has entered into a Confidentiality and Exclusivity Deed with OZL in relation to the Revised Proposal. Under the Confidentiality and Exclusivity Deed, OZL has granted BHP 4 weeks to undertake exclusive confirmatory due diligence and negotiate abinding SIA reflecting the key terms of the Revised Proposal. The 4 week period is expected to commence on or around Monday 21 November 2022.OZL is an Australian based mining and exploration company with a portfolio of operating and development stage projects. OZL’s primary activities in Australia consist of the operating Prominent Hill and Carrapateena underground copper-gold mines in South Australia, and the West Musgrave copper-nickel development project in Western Australia. OZL also operates the Carajás East copper-gold hub in the Para state of Brazil and exploration activities both in Australia and internationally.
BHP has submitted a revised non-binding indicative proposal to the Board of OZ Minerals to acquire 100% of OZL by way of a scheme of arrangement for a cash price of AUD 28.25 per OZL share. This offer price represents the best and final price BHP is willing to offer under the Revised Proposal, in the absence of a competing proposal.The OZL Board has confirmed to BHP that it intends to unanimously recommend the Revised Proposal to OZL shareholders as being in the best interests of OZL shareholders in the absence of a superior proposal subject to the parties entering into a binding scheme implementation agreement following completion of BHP’s confirmatory due diligence and an independent expert concluding that the Revised Proposal is in the best interests of OZL shareholders.The Revised Proposal price of AUD 28.25 per share corresponds to an enterprise value of AUD 9.6 billion for OZL and represents a significant and attractive premium of:BHP has entered into a Confidentiality and Exclusivity Deed with OZL in relation to the Revised Proposal. Under the Confidentiality and Exclusivity Deed, OZL has granted BHP 4 weeks to undertake exclusive confirmatory due diligence and negotiate abinding SIA reflecting the key terms of the Revised Proposal. The 4 week period is expected to commence on or around Monday 21 November 2022.OZL is an Australian based mining and exploration company with a portfolio of operating and development stage projects. OZL’s primary activities in Australia consist of the operating Prominent Hill and Carrapateena underground copper-gold mines in South Australia, and the West Musgrave copper-nickel development project in Western Australia. OZL also operates the Carajás East copper-gold hub in the Para state of Brazil and exploration activities both in Australia and internationally.
