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NSU

Nevsun Resources

$3.78

0.04 (1.07%)

08:04
08/09/18
08/09
08:04
08/09/18
08:04

Nevsun board rejects Lundin Mining hostile bid, to proceed with strategic review

Nevsun Resources announced that its board of directors has rejected the hostile offer by Lundin Mining to acquire all of the outstanding shares of Nevsun for C$4.75 per share in cash. "The Nevsun Board of Directors is unanimous in its belief that the Lundin offer substantially and fundamentally undervalues Nevsun and fails to reflect the strategic value of our asset base," said Ian Pearce, Chairman of Nevsun's board of directors. Dave Smith, Chair of the Special Committee: "We have actively and extensively engaged with Lundin over the last several months, including offering access to confidential information and detailed management presentations. Our continual message was that we require full and fair value that reflects the strategic value of all our assets, and the interests of our shareholders. Our Board's focus is squarely on shareholders' interests, and with our advisors we have been actively considering available opportunities to maximize value for shareholders through a strategic investment in Nevsun. To ensure we have left no stone unturned, the Board has commenced a strategic review process to consider all alternatives available to Nevsun to maximize value - above and beyond the proposals already generated by Nevsun's recent strategic investment process - including a potential acquisition of Nevsun as a whole. Discussions are ongoing with several parties that have expressed interest in value-enhancing alternatives to Lundin's hostile bid, and we fully expect that superior offers or other alternatives will emerge from this process."

NSU Nevsun Resources
$3.78

0.04 (1.07%)

08/16/17
BMOC
08/16/17
DOWNGRADE
BMOC
Market Perform
Nevsun Resources downgraded to Market Perform from Outperform at BMO Capital
09/08/17
SCOT
09/08/17
UPGRADE
SCOT
Outperform
Nevsun upgraded to Outperform from Sector Perform at Scotiabank
Scotiabank analyst Orest Wowkodaw upgraded Nevsun Resources to Outperform with a price target of C$3.50.
10/27/17
TDSI
10/27/17
UPGRADE
TDSI
Buy
Nevsun Resources upgraded to Buy from Hold at TD Securities
11/13/17
MACQ
11/13/17
UPGRADE
MACQ
Outperform
Nevsun Resources upgraded to Outperform from Neutral at Macquarie
Macquarie analyst Matt Murphy upgraded Nevsun Resources to Outperform saying he has a more positive view of the company following a visit to its Timok copper project in Serbia. The analyst believes assumptions are relatively conservative and feels the high IRR of 40% and NPV of $1B and sub-2 year payback make it a very valuable project.

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