Silvercorp proposes an off-market takeover offer to acquire all outstanding OreCorp shares at $0.5891 per share, consisting of 19 cents cash and 0.0967 Silvercorp shares.
OreCorp's board unanimously recommends accepting the offer, terminating the previous scheme implementation deed. OreCorp entered a bid implementation deed with Silvercorp, offering the same consideration as the scheme.
The Silvercorp offer values OreCorp at approximately $276.5 million and provides shareholders with a geographically diverse mid-tier precious metals company.
The bid implementation deed includes market standard deal protection measures, and a break fee of $2.8 million is payable if terminated.