Genesis Minerals’ Rival Bid Displaces Regis Resources Deal for Vault Minerals

Regis Resources said it will not match a rival US$3.9 billion bid for Vault Minerals made by Genesis Minerals. The company stated that a planned merger with Vault Minerals would no longer meet its thresholds for value and returns if it matched the rival bid. Vault Minerals intends to terminate its scheme with Regis Resources and enter a definitive agreement with Genesis Minerals.

Termination of the Regis-Vault scheme triggers a break fee of approximately A$50.7 million payable to Regis Resources. Genesis Minerals confirmed its A$5.6 billion offer for Vault Minerals remains unchanged and open pending scheme termination. The A$5.6 billion offer is equivalent to US$3.88 billion at an exchange rate of $1 = 1.4420 AUD.

@WSJ reported the statements from the three companies involved in the proposed transactions.