New Century recommends $95m buyout offer from Sibanye-Stillwater
Australian zinc miner New Century Resources on Wednesday recommended its shareholders accept South African precious metals producer Sibanye-Stillwater’s takeover offer of A$144.1 million ($94.9 million).
Sibanye-Stillwater, the biggest shareholder in New Century with an up to 73.41% stake, last month launched an unsolicited takeover bid of A$1.10 cash per share.New Century said it recommends it shareholders accept the Sibanye offer in the absence of a competing proposal.
New Century, which has been producing zinc from tailings or waste, is an attractive takeover target as Sibanye-Stillwater has been expanding into recycling and waste management.
