After Snub, Cathay's $850M Bid For Aussie Miner Goes Hostile

Law360, New York (October 23, 2012, 6:24 PM EDT) -- Rebuffed Chinese private equity firm Cathay Fortune Corp. on Tuesday turned hostile in its bid to purchase Australian copper miner Discovery Metals Ltd., launching an off-market maneuver around Discovery directors who earlier this month shot down CFC's all-cash AU$829.6 million (US$851.3 million) buyout offer.

“The decision of the Discovery board to refuse access to due diligence and further engagement without any reasonable basis has prompted CFC's decision to bypass the Discovery board and present the offer directly to the Discovery shareholders,” Yong Yu, CFC's founder and...
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