JOHANNESBURG (miningweekly.com) – JSE-listed Omnia Holdings will, through its BME subsidiary, make an all-cash offer to acquire Canadian firm Nordex Explosives for C$0.20 a share.
“Today, we are announcing our intention to make this premium all-cash offer to Nordex shareholders. Unfortunately, the directors of Nordex were unable to see the value proposition in our previous proposals and, accordingly, we are taking this offer directly to the Nordex shareholders.
“Nordex remains a heavily indebted company and once the offer is mailed, we intend to commence discussions with its major debtholders in order to restructure and repay its outstanding debt,” BME MD Joseph Keenan said in a statement released in Canada on Thursday.
Omnia expected to mail its takeover bid circular by the end of July. It added that, while the offer was made without the support of Nordex’s board, Omnia was open to discussing a supported transaction with Nordex.
Nordex in June received a C$0.15 a share cash offer from Société Anonyme d'Explosifs et de Produits Chimiques.