(22:33 GMT) *Vault Minerals: Gets Unsolicited Binding Proposal From Genesis Minerals (22:35 GMT) *Genesis: Offers Vault Shareholders 0.7629 New Genesis Shares, A$0.475 Cash For Each Vault Share (22:36 GMT) *Genesis: Offer Implies Total Consideration of A$5.274/Vault Share (22:36 GMT) *Genesis: Offer Values Vault at A$5.6 Billion (22:37 GMT) *Genesis: Shareholders Would Own About 59.8% Of Enlarged Company (22:38 GMT) *Genesis: Intends to Offer Vault Shareholders Mix-Match Facility For Consideration (22:39 GMT) *Genesis: Board Determines Genesis Proposal Superior to Regis Deal (22:39 GMT) *Genesis: Regis Has Five Business Days to Match, Beat Proposal (22:41 GMT) *Genesis: Offer Represents 14.5% Premium to Regis Implied Offer Price (22:42 GMT) *Genesis: Expects Over A$2.0 Billion in Post-tax Synergies (23:03 GMT) Genesis Minerals Makes Rival $3.9 Billion Bid For Vault Minerals
By Rhiannon Hoyle
Genesis Minerals has made a rival bid for Vault Minerals that values the Australian gold miner at US$3.9 billion, trumping an agreed merger with Regis Resources.
Under the Genesis offer, Vault shareholders would receive 0.7629 new Genesis shares plus 47.5 Australian cents, equivalent to 33.0 U.S. cents, in cash for each Vault share held.
The offer values Vault at roughly A$5.27 a share or A$5.6 billion, the companies said Monday in separate statements.
Vault said its directors unanimously determined the offer to be superior to the deal with Regis that was agreed in May and valued Vault at roughly A$4.61 a share.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com