Adriatic Metals, a valuable metals mining group, is within the early levels of takeover talks which may result in it turning into the newest London-listed firm to succumb to an abroad bidder.
The standing of the talks and different key particulars, together with any supply value beneath negotiation, have been unclear on Tuesday.
One particular person near the state of affairs stated it was unclear whether or not any formal supply would emerge.
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Valued at about £610m, Adriatic has a market capitalisation roughly one-third of that of Dundee, which has a presence within the Balkans.
With a traditional takeover premium factored in, any supply may worth the goal at properly over £700m, in keeping with bankers.
Adriatic produces copper, gold, lead, silver and zinc from just lately developed mining operations in Bosnia and Herzegovina.
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The corporate is run by chief government Laura Tyler, a former senior BHP government who’s amongst few feminine bosses within the international mining trade.
London-listed shares in Adriatic Metals have been practically 6% increased in Tuesday afternoon buying and selling amid rising bid hypothesis.
The 2 firms have been rumoured to have held related talks as just lately as final 12 months, though they didn’t progress to any type of public affirmation.
A spokesman for Adriatic, which can also be quoted in Australia, declined to remark, whereas Dundee couldn’t be reached for remark.
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