ENRC’s (LON:ENRC) independent board members have confirmed the details of a takeover bid from a Kazakh-based consortium that includes the company founders and Kazakhstan government.
The independent committee of the controversial miner, which is currently under investigation by the Serious Fraud Office, said the consortium's proposal was 175p in cash and 0.231 Kazakhmys shares, valuing each ENRC share at 260p.
The committee repeated its view that the offer materially undervalued the copper miner, though it noted the consortium had until 3 June to make a revised offer.
The Kazakh-based consortium comprises ENRC’s three co-founders (who each own over 14% of ENRC), copper group Kazakhmys with 26%, and the Kazakhstan government.
The committee said: "We believe the current proposal materially undervalues ENRC and we will use the extension to seek an improved and formal proposal.
“The independent committee is committed to serving the best interests of minority shareholders through a professional, transparent and rigorous process, which incorporates the highest standards and principles of independence and integrity."
Shares fell 3% today to 263.2p.