After $851M Snub, Cathay Makes New Overture To Discovery

Law360, New York (April 24, 2013, 8:03 PM EDT) -- Cathay Fortune Corp. reportedly said Wednesday that it is prepared to make a new cash bid for Discovery Metals Ltd., after the Australian copper miner rebuffed an AU$829.6 million (US$851.3 million) buyout offer, so long as Discovery forgoes its plan to raise equity.

CFC Chairman Yu Yong made the proposal in a letter to Discovery shareholders, but said the Shanghai-based private equity firm won't pursue the buyout if Discovery's board doesn't “positively respond” to its offer, according to the Wall Street Journal.

The latest bid for...
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