Rival OmegaCorp bid emerges

The proposed takeover bid for Australian uranium developer OmegaCorp (OMC-A), issued by Denison Mines (DML-T), now faces a rival offer from London-listed Central African Mining & Exploration (CFM-L).

Central African is offering a one-for-one share trade for OmegaCorp, which values the company at A$222 million, or A$1.44 per share. Denison’s offer is for A$1.15 per share.

Conditions on the new bid include a 50.1% tender and regulatory and shareholder approval.

Agreements with seven of OmegaCorp’s large institutional shareholders give Central African a lock-up on just under 20% of the outstanding shares. Denison’s offer, which closed on the same day as the Central African bid, netted 33% of OmegaCorp shares.

Denison said it may retain its 33% interest or tender to the new bid.

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