[miningmx.com] — KALAHARI Minerals confirmed on Monday that offer talks had resumed with state-owned China Guangdong Nuclear Power Corp (CGNPC).
CGNPC is expected to relaunch its 270 pence a share offer, valuing the uranium miner at about $1bn, following a temporary ban imposed by UK regulators, a source told Reuters on Friday.
CGNPC was in talks in March to buy Kalahari for 290 pence a share. In the days following the earthquake and nuclear disaster in Japan, the companies agreed CGNPC could cut the price to 270 pence, but they failed to persuade UK regulators and CGNPC was forced to withdraw its informal bid.
Since more than three months have elapsed since CGNPC announced the withdrawal of its possible offer, it is no longer restricted into making an offer on the same or better terms than those in its original potential offer, Kalahari said on Monday.
Kalahari also said it had waived another UK Takeover Panel code that had restricted the Chinese group from announcing an offer before November 11.
Kalahari holds a 43% stake in Extract Resources, owner of the Husab project in Namibia, which is potentially the second-largest uranium mine in the world.
Shares in Extract Resources surged more than 10% on Monday in Australia on expectations it may also get a takeover offer from CGNPC.
