Thursday, June 20, 2024

Anglo American rejects new BHP proposal but extends deadline

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Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) said Wednesday it rejected a third takeover offer from BHP (NYSE:BHP) which valued the company at £29.34/share but agreed to enter talks, opening the door for the first time to a potential deal.

Anglo (OTCQX:AAUKF) (OTCQX:NGLOY), which also agreed to extend the deadline for a deal to May 29, said BHP (BHP) increased its all-share offer but continues to propose a complicated deal structure the board has previously rejected.

BHP (BHP) latest proposal comes just hours before a deadline to make a binding offer or walk away for six months under U.K. takeover rules.

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