Central Asia Metals plc has withdrawn its offer for New World Resources Ltd after rival Kinterra Capital GP Corp submitted a higher bid.
BREAK FEE
Central Asia today said that Kinterra’s offer of A$0.066 per NWR share “may reasonably lead to a superior proposal”.
“After careful consideration, the board of CAML has decided not to submit a counter proposal to match the Kinterra offer, and has informed the board of NWR of this decision.”
After terminating its offer Central Asia expects a break fee.
NWR’s stated today that following Central Asia’s decision, it unanimously recommended that, in the absence of a superior proposal, shareholders accept Kinterra’s offer.
The offer must be accepted before 5 (AEST) on 24 July 2025.
Australian explorer NWR owns the Antler copper project in Arizona, the 4,000-acre Javelin project near Antler and the Tererro copper-gold-zinc project in northern New Mexico.