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Investing.com -- Central Asia Metals (CAML) has raised its offer price for New World Resources (NWR) to A$0.065 per share, a 5% increase from its previous bid of A$0.062 per share. The new offer exceeds Kinterra’s earlier proposal of A$0.063/0.064 per share and values NWR at $155 million or A$240 million.
CAML has also modified the terms of its US$6.5 million credit facility, removing the requirement to achieve a 50% stake in NWR. The NWR board continues to unanimously recommend CAML’s offer over Kinterra’s competing bid.
CAML’s offer opens Wednesday and will remain available until August 18, while Kinterra’s offer is currently open until August 10.
In response to CAML’s improved terms, Kinterra has countered by increasing its own offer to A$0.066 per share, with a potential rise to A$0.067 per share if Kinterra’s stake in NWR reaches 30% by July 24. This latest proposal values NWR at approximately $160 million or A$248 million.
NWR shares are currently trading in line with Kinterra’s highest potential bid of A$0.067 per share.
According to RBC, CAML’s improved offer matching and exceeding Kinterra’s previous A$0.064 per share bid was "largely expected."
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