SolGold rejects approach from Jiangxi Copper
Ecuador-focused SolGold on Friday revealed that it had rejected a fresh non-binding takeover proposal from Jiangxi Copper Company (JCC), after the Chinese group approached the company with a preliminary and conditional cash offer of 26p a share.
The proposal, received on November 28, follows an earlier non-binding approach from JCC that SolGold’s board unanimously rejected on November 23.
SolGold said its board, after consulting advisers, had again unanimously decided to reject the latest proposal and continued to “remain confident in SolGold’s standalone prospects”.
The company advised shareholders to take no action. JCC now has until 17:00 London time on December 26 to either announce a firm intention to make an offer under UK takeover rules or confirm it does not intend to proceed.
