Australian lead and zinc miner CBH Resources halted trades in its shares on Tuesday after receiving an alternative to the takeover offer on the table from Belgium's Nyrstar.
The offer is believed to have come from CBH's largest shareholder, the Japanese company, Toho Zinc, in which Toho will take a maximum 49.9 per cent stake in CBH.
The company has set up a committee of independent directors to weigh up the merits of both the Nyrstar and Toho proposals.
The company expects to make an announcement before the Australian Stock Exchange opens on Thursday.
Nyrstar has offered $0.195 per CBH share and $750 per convertible note in a bid that values all shares and convertible notes at about $290 million. CBH rebuffes a previous Nyrstar bid at the beginning of the year.
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