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BMR Group launches bid for Metal Tiger

Published: 16:51 25 Nov 2016 GMT

picture of mining truck
Deal is at a discount to market price

Mining investor Metal Tiger PLC (LON:MTR) has found itself on the end of a bid from rival mining group BMR Group PLC, but at a big discount to the current market price.

The all share deal would see Metal Tiger shareholders receive 0.231 BMR shares for every 1 Metal Tiger they own, which values MTR shares at 1.04p compared to a market price at the close of 1.98p.

That was down 13% on the day. BMR shares tumbled 23% to 4.5p.

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