By Reuters Staff
2 Min Read
May 27 (Reuters) - Canadian miner Noront Resources is looking to adopt a poison-pill plan to thwart a potential takeover of the company by Australian mining magnate Andrew Forrest’s Wyloo Metals.
Wyloo’s unsolicited bid for the remaining shares of the company values Noront at C$133 million ($110.12 million), or C$0.315 per share. It is Noront’s top shareholder, with a 23% stake as of December.
“The rights plan is designed to ensure that all Noront shareholders are treated fairly in connection with any takeover bid and to protect against ‘creeping bids’ for the outstanding common shares of Noront,” the miner said in its statement.