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OZ Minerals Rejects A$25.00/shr Proposal From BHP

OZ Minerals Ltd. (OZL.AX,OZMLY.PK) said Monday that it rejected a A$25.00 per share proposal from BHP (BHP.AX,BLT.L,BBL,BHP) as significantly undervaluing the Australian-based copper and gold mining company.

OZ Minerals said that the proposal is "opportunistic" as it comes when copper prices and its stock price have fallen from recent peaks.

OZ Minerals noted that the proposal price represents a 13.1% premium to the volume weighted average price for the 6 months prior to the Indicative Proposal.

In a separate press release, BHP confirmed Monday that on 5 August 2022 it submitted a non-binding indicative proposal to acquire 100% of the issued share capital in OZL for A$25.00 per share.

BHP CEO Mike Henry said, "We are disappointed that the Board of OZL has indicated that it is not willing to entertain our compelling offer or provide us with access to due diligence in relation to our proposal."

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