ENRC Balks At $4.7B Bid, But Big Shareholder On Board

Law360, New York (June 24, 2013, 10:05 PM EDT) -- A major shareholder of Kazakhstan-based mining company Eurasian Natural Resources Corp. agreed Monday to accept a buyout offer valuing ENRC at £3 billion ($4.7 billion), but ENRC, which is embroiled in a fraud investigation, rejected the offer hours later.

In connection with the proposed bid, ENRC founders Alexander Machkevitch, Alijan Ibragimov, Patokh Chodiev and the government offered shareholders of copper miner Kazakhmys $2.65 in cash plus 0.23 shares per ENRC share for the company's 26 percent stake in the firm.

The bid came amid an investigation...
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