Brief: Lundin Mining, Euro Sun Disclose Bid To Buy Nevsun Resources For About C$1.5 Bln

Euro Sun Mining

07/05/2018 23:36

May 7 (Reuters) - Lundin Mining Corp  LUN.TO :
    * LUNDIN MINING AND EURO SUN DISCLOSE PROPOSAL TO ACQUIRE
NEVSUN
RESOURCES
    * CO, SUN MINING INC SUBMITTED PROPOSAL TO NEVSUN RESOURCES
TO BUY
NEVSUN FOR APPROXIMATELY C$1.5 BILLION
    * PROPOSAL HAS BEEN REJECTED BY NEVSUN
    * LUNDIN MINING SAYS ITS "NUMEROUS ATTEMPTS TO ENGAGE NEVSUN
AND
PROPOSE A MUTUALLY BENEFICIAL TRANSACTION HAVE BEEN
UNSUCCESSFUL"
    * UNDER TERMS OF PROPOSAL, DATED APRIL 30, 2018, NEVSUN
SHAREHOLDERS WOULD RECEIVE TOTAL CONSIDERATION OF C$5.00 PER
NEVSUN SHARE
    * PROPOSAL WOULD RESULT IN CO OWNING NEVSUN'S EUROPEAN
ASSETS,
EURO SUN OWNING REMAINDER OF NEVSUN INCLUDING BISHA MINE, CASH
BALANCE
    * SAYS "WE REMAIN FULLY COMMITTED TO NEGOTIATING A
TRANSACTION
WITH NEVSUN"
    * UNDER PROPOSAL TERMS, TOTAL CONSIDERATION CONSISTS OF
C$2.00 IN
CASH FUNDED BY CO; C$2.00 IN SHARES OF CO; C$1.00 IN SHARES OF
EURO SUN
    * SUBMITTED FIRST PROPOSAL TO NEVSUN ON FEBRUARY 7, 2018 AND
A
FURTHER PROPOSAL ON FEBRUARY 25, 2018, BOTH OF WHICH WERE
REJECTED
    * ON APRIL 3, SUBMITTED PROPOSAL TO BUY NEVSUN'S EUROPEAN
ASSETS,
INCLUDING TIMOK PROJECT, FOR CASH & SHARES, WHICH WAS ALSO
REJECTED

Source text for Eikon:  ID:nGNX6SR2dW 
Further company coverage:  LUN.TO   ESM.TO   NSU.TO 

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