Thursday, August 09, 2018 11:27:28 AM
August 9, 2018
Nevsun's Board of Directors Rejects Lundin Mining's Hostile Bid; Offer Does Not Recognize the Value of Nevsun's Assets; Company to Proceed with Full Strategic Review
Nevsun's Board recommends that shareholders REJECT the Hostile Bid and DO NOT TENDER YOUR SHARES
Vancouver, BC, -- Nevsun Resources Ltd. (TSX:NSU) (NYSE AMERICAN: NSU) ("Nevsun" or the "Company") today announced that its Board of Directors, after careful consideration and receipt of the recommendation of a special committee of its independent directors (the "Special Committee"), and after consultation with its financial and legal advisors, has rejected the hostile offer by Lundin Mining Corporation ("Lundin"), to acquire all of the outstanding shares of Nevsun for C$4.75 per share in cash (the "Hostile Bid"). The Board unanimously recommends that Nevsun shareholders REJECT the Hostile Bid and not tender their shares. In the Board's view the Hostile Bid:
Fails to recognize the fundamental and strategic value of Nevsun's unique portfolio of producing and development assets, underpinned by the world-class Timok Project
Provides an inadequate premium for control, lower than precedent transactions
Is lower in value than previous transactions proposed by Lundin to Nevsun
Is lower in value than other alternatives which are expected to emerge
Read more at:
https://www.nevsun.com/news/2018/august9/
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