BHP tops Wyloo's Noront offer, again

Today BHP Billiton increased its all-cash offer to Noront Resources' shareholders to 75 cents Canadian per share.

The offer represents a 36% premium to its previous offer, a 7% premium to the Wyloo offer and a 213% premium to Noront’s unaffected price, according to a press release from Noront Resources (TSXV: NOT).

"Noront supports BHP’s improved offer and recommends shareholders tender now to receive the cash consideration offered," the company added.

It was only yesterday that Wyloo had the best bid on Noront.

Noront is a Canadian-based mining company that has the largest land position in the Ring of Fire. Noront's Eagle's Nest project is a nickel, copper and platinum group element (PGE) deposit. Noront said the project is the largest high-grade nickel discovery in Canada since Voisey's Bay and the most advanced project in the Ring of Fire.

BHP Billiton is the world's largest diversified miner based on market capitalization.

A year ago Noront was trading at 16 cents.

By Michael McCrae

For Kitco News

Follow michaelmccraemmccrae@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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