Founders of the Eurasian Natural Resources Corporation (ENRC) announced that investors had already accepted 94.5 % of their offer to buy out the Kazakhstan-focused multinational mining firm. The first deadline of acceptances on August 28 had small shareholders taking up their offer. Their acceptance represented 14.6% of the company's stock. The Kazakhstan government and its billionaire founders holds 54% of ENRC. Rival firm Kazakhmys has a 26% stake. Taken all together, the acceptances already reached 94.5%. The few remaining shareholders are given until September 11 to accept the offer.
The three billionaire founders of ENRC offered USD 4.8 billion for the company. The deal would make ENRC private after nearly six challenging years on the London bourse. The deal would be subject to final clearances from the regulating authorities, but Reuters reported that it would be unconditional as far as acceptances are concerned. The buyout offer per share is USD 2.65 in cash plus USD 0.23 of a Kazakhmys share for each share of ENRC.
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