CAML ups New World bid, adds takeover option and A$10m funding injection
Australia's New World Resources said on Friday it had agreed to a revised acquisition proposal from London-listed Central Asia Metals (CAML), including a higher cash offer and a conditional A$10-million interim funding package. CAML has increased its offer to A$0.053 a share, up from A$0.050 a share, valuing New World at about A$197-million. The new price represents a 107.5% premium to New World’s 30-day volume-weighted average price (VWAP) prior to the original offer on May 21.
Australia's New World Resources said on Friday it had agreed to a revised acquisition proposal from London-listed Central Asia Metals (CAML), including a higher cash offer and a conditional A$10-million interim funding package.
CAML has increased its offer to A$0.053 a share, up from A$0.050 a share, valuing New World at about A$197-million. The new price represents a 107.5% premium to New World’s 30-day volume-weighted average price (VWAP) prior to the original offer on May 21.
