Australia's OZ Minerals rejects BHP's US$5.8 billion takeover offer

Australia's OZ Minerals rejects BHP's US$5.8 billion takeover offer
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(Aug 8): Australia's OZ Minerals on Monday rejected a A$8.34 billion ($5.76 billion) unsolicited takeover proposal from global miner BHP Group as undervaluing the gold and copper miner.

The A$25 per share conditional and non-binding indicative offer, which OZ said was made on Friday, was at a 32% premium to the stock's last close.

"The board has unanimously determined that the indicative proposal significantly undervalues OZ Minerals and, as such, is not in the best interests of shareholders," OZ said in a statement.