Australia's Regis folds on Vault battle, paves way for Genesis' $3.9 billion offer (updated)

Vault Minerals

13/07/2026 24:09

Regis says terms for counterbid "do not meet value"
Vault to terminate Regis scheme
Genesis reaffirms terms for Vault bid
Adds share moves, background and context throughout

    July 13 (Reuters) - Australia's Regis Resources RRL.AX on Monday said that it would not match a rival offer to buy Vault Minerals VAU.AX, clearing the path for Genesis Minerals' GMD.AX A$5.6 billion ($3.88 billion) bid for the gold producer.

    A surge in bullion prices over the past year has prompted mid-tier miners to seek consolidation.
  
Genesis' proposal, which Vault deemed superior last week, was at a 15.7% premium to Vault's closing price at the time of the offer and nearly 6% above Regis' all-stock bid in May.

    The Genesis-Vault combination would create one of the country's largest gold producers with a market value of around A$12.6 billion and an annual production capacity of up to 700,000 ounces.
  

    Vault shares have advanced nearly 8% since the receipt of Regis' offer.
  

    The company's shares reversed early losses to rise as much as 0.8% to A$4.91 on Monday, while the ASX 200 benchmark .AXJO was little changed. Regis' stock, meanwhile, traded flat.
  
Vault, in a separate exchange filing, said it intends to terminate the Regis scheme and enter into a definitive agreement with Genesis for its offer.
Regis' board concluded that the terms that would be required to match the Genesis Proposal do not meet the value and return thresholds that it applies to all growth opportunities, the company said in a statement.
Regis says the termination of the scheme will result in a break fee of around A$50.7 million payable to the company.
Separately, Genesis confirmed that the terms of its proposal for Vault are unchanged and remain open for acceptance pending the termination of the Regis scheme. Its shares were up as much as 3% at A$5.84, making it among the top gainers on the broader benchmark index.

($1 = 1.4420 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru; Editing by Sam Holmes, Sonali Paul and Ronojoy Mazumdar)
 ((Nikita.Jino@thomsonreuters.com;))