The soap opera that is the future of Canadian explorer, Noront Resources continues with the company now wanting to talk to its new highest-priced suitor Wyloo Metals, the company controlled by Fortescue Metals chair Andrew Forrest.
Wyloo has offered $C1.10 a share for 62.5% of Noront it already doesn’t control – over bidding BHP’s 75 cents Canadian offer.
Noront Resources said on Tuesday it plans to negotiate directly with Wyloo Metals on the company’s raised buyout offer.
Noront on Tuesday though did not provide any update whether its board is changing its recommendation for the BHP’s offer, but added that the company is reviewing Wyloo’s proposal.
BHP on Monday also ended talks with Wyloo regarding its support for the takeover of Noront as the two parties were unable to reach an agreement.
At the heart of the battle is Noront’s Eagle Nest nickel asset in Canada’s so-called Ring of Fire in northwestern Ontario, a high-grade deposit of the metal, as well as copper and PGE group metals.
