Australia's OreCorp hits over 1-year high on accepting Silvercorp buyout offer

Orecorp

26/12/2023 23:55

** Shares of OreCorp  ORR.AX  rise as much as 11.8% to
A$0.57, their highest level since Dec. 5, 2022 
    ** Stock set for best day since Aug. 7 - if current gains
hold 
    ** Gold explorer says Canadian miner Silvercorp  SVM.TO  to
acquire all remaining shares in co not already owned by it 
    ** Says deal for 0.0967 common shares of Silvercorp and
A$0.19 cash per OreCorp share, equivalent to A$0.589 per share 
    ** Co says offer at a premium of 15.5% to last close 
    ** Adds board unanimously recommends OreCorp shareholders
accept Silvercorp offer
    ** Stock had risen 9.7% this year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))