Nevsun Resources board rejects Lundin’s $1.4-billion hostile takeover bid

TORONTO — Nevsun Resources Ltd. says it has rejected a $1.4-billion hostile takeover bid from Lundin Mining Corp. as too low.

The Vancouver-based company says its board of directors is recommending shareholders reject the bid because it undervalues the company, is lower than previous proposals from Lundin, and is lower than other expected offers.

Nevsun says it has launched a strategic review to look at alternatives including a sale of the entire company.

The mining company, with an active mine in Eritrea and a major copper development project in Serbia, says it is in discussions with several parties that have expressed an interest in Nevsun, and expects better offers or other alternatives will emerge.

In late July, Toronto-based Lundin offered $4.75 in cash per share after Nevsun rejected a previous cash and share bid valued at $5 per share that Lundin made in partnership with Euro Sun Mining Inc.

Nevsun’s share price closed up two cents or 0.41 per cent at $4.95 Thursday on the Toronto Stock Exchange.

Just Posted

Third pot store to open in May in Red Deer

Red Deerians will see a third pot store open up in the… Continue reading

A former Red Deer opioid addict understands the community’s frustration

‘It’s a privilege and an honour to be an example of change,’ he says

New loonie reason to celebrate and educate: central Alberta LGBTQ community

The new LGBTQ2 loonie is a conversation starter and a reason to… Continue reading

Montreal native Nicholas Latifi off to solid start on Formula 2 race circuit

Practice makes perfect for Canadian Nicholas Latifi. The 23-year-old Montreal auto racer… Continue reading

Bruins victory over Leafs ensures an American team will hoist the Stanley Cup

TORONTO — Many NHL players were either not yet born or too… Continue reading

Swole, buzzy, among new words in Merriam-Webster dictionary

BOSTON — Get swole, prepare a bug-out bag, grab a go-cup and… Continue reading

Garner graces cover of People’s annual ‘Beautiful Issue’

NEW YORK — Jennifer Garner graces the front of this year’s “Beautiful… Continue reading

Updated: Joshua Arthur Sanford has been found, says RCMP

37-year-old Ponoka man last seen on Tuesday morning

Inspired by a galaxy far, far away, these ‘Star Wars’ mementos could be yours forever

CHICAGO —The stuff of “Star Wars” —and there is unfortunately no better… Continue reading

Shoppers Drug Mart launches second online medical pot portal in Alberta

TORONTO — Medical cannabis users in Alberta can now get their therapeutic… Continue reading

Taylor Drive honours legacy of outstanding community volunteer

The main roadway going north and south on the west side of… Continue reading

Most Read