Oro Mining Ltd. (OGR.V) announced that its Board recommends that shareholders reject the unsolicited offer by Wexford Spectrum Trading Limited and Wexford Catalyst Trading Limited, private investment funds managed and controlled by Wexford Capital LP, to acquire any and all common shares of Oro at a price of $0.11 per common share.
Oro Mining said its Board determined that the Wexford offer fails to provide adequate value for Oro shares and is an attempt by Wexford to acquire Oro shares without offering adequate consideration to Oro shareholders.
On 14th June 2012, Oro Mining had said it acknowledged the press release issued by Wexford Capital LP on June 13, 2012 announcing its intention to make an unsolicited takeover bid to acquire any and all outstanding common shares of the Company at a cash price of $0.11 per common share.
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