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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.