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NZRIF - Nzuri Copper Should Deliver 18% Upside Following Completion Of Takeover
Regal Resources Ltd Ord
Copper and cobalt explorer Nzuri Copper (OTCPK:NZRIF) agreed to a A$109.5 million takeover offer from Shanghai-listed company Chengtun Mining Group on February 27, 2019. The offer is for an all-cash consideration of A$0.37 per share. The implementation of the deal was originally envisioned for late July 2019.
However, delays on the side of Nzuri Copper and Chengtun Mining in China have resulted in the timeline getting extended. As a result, we have seen the shares of Nzuri continue to trade at a substantial discount to its takeout price. The involvement of a Chinese