Orecorp's response to Perseus Mining Limited's takeover bid

Orecorp Limited (ASX: $ORR) has issued a supplementary target's statement in response to the off-market takeover bid by Perseus Mining Limited (ASX/TSX: PRU) to acquire all ordinary shares in Orecorp Limited for A$0.575 per Orecorp Share. The directors unanimously recommend accepting the Perseus offer in the absence of a superior proposal.

Executive commentary on the revised Perseus offer

The Orecorp Directors unanimously recommend that Orecorp Shareholders accept the revised Perseus Offer in the absence of a superior proposal. This recommendation is based on Perseus obtaining FCC approval for the offer, the increased offer consideration of A$0.575 per share, and the certainty of value provided to shareholders through the 100% cash offer by Perseus. Additionally, Perseus has undertaken to waive all other offer conditions within 3 Business Days of the 50.1% Minimum Acceptance Condition being satisfied unless a breach is announced before that time. The directors also highlighted that the Silvercorp Offer has lapsed, and as of the date of the statement, they are not aware of any other proposal available to Orecorp Shareholders.

Summary of Orecorp's response and outlook

Orecorp Limited has recommended that shareholders accept the revised Perseus offer of A$0.575 per share in the absence of a superior proposal. The recommendation is based on Perseus obtaining regulatory approvals, the increased offer consideration, and the certainty of value provided to shareholders through the 100% cash offer. The directors have confirmed their acceptance of the revised Perseus offer in respect of all Orecorp shares in which they have a Relevant Interest. Shareholders are encouraged to accept the offer as the closing date is approaching. The statement also clarified the status of the Silvercorp Offer, which has lapsed, and provided information on what shareholders should do if they have already accepted the Silvercorp or Perseus offer. Orecorp's response indicates a positive outlook for the company as it moves forward with the revised Perseus offer.