Belgium's Nyrstar has upped the ante of its takeover bid for CBH Resources, today offering a choice of cash and scrip for each CBH share and $1,000 for every convertible note.
The sweetened takeover offer comes nearly a month after CBH recommended shareholders accept major shareholder Toho Zinc's proportional takeover offer of 25 cents cash for each CBH share.
Toho's offer will be capped at 49.9 per cent of CBH's total issue of shares. The Japanese company currently holds about 24 per cent of CBH.
Today, Nyrstar kept the cash offer for each CBH share the same as its previous offer of 19.5 cents, announced early last month, however has given CBH shareholders the option to accept the equivalent amount in shares if they so wish.
The offer is for 100 per cent of CBH's issued ordinary share offer.
In addition to the choice, Nystar said it would offer to acquire 100 per cent of the convertible notes on issue at their par of $1,000 per note.
The offer is conditional on Nyrstar completing a limited scope, confirmatory due diligence and the resolutions at an April 28 shareholders meeting be withdrawn or not approved.
Included in the resolutions is approval for Toho's purchase of a 50 per cent interest in the Rasp zinc-lead project in Broken Hill.
Shares in CBH were up one cent to 19c at 11:12 AEST.
