MCR +42.31%: the nickel company surged today after Andrew Forrest’s investment vehicle Wyloo lobbed a $1.40/sh on-market bid for the company. Wyloo already owns a 19.9% stake in the company which is ramping up production near Kambalda in WA along with a handful of other ore bodies in the area. Shares never traded at the bid, which was at a 35% premium to yesterday’s close with the market suspecting IGO, which owns 7% of Mincor, may put forward a competing offer. It’s not Wyloo’s first crack at a nickel play with the company picking up high-grade nickel play Noront which owns an asset in Canada.
MM is neutral MCR following the offer
Add To Hit List
