New offer is 20 per cent higher
Japan’s Toho Zinc had increased it offer for Australia’s CBH Resources Ltd by 20 per cent.
Toho, which has a 24 per cent stake in CBH, is now offering 30c a share, up from an earlier bid of 25c.
Toho intends to raise its holding to 49.9 percent, the maximum level permitted without taking control.
CBH is the subject of a two-way takeover tussle with Belgium’s Nyrstar offering 19.5c a share last week.
CBH said that its directors will meet to decide whether to consider the latest proposal. Shareholders are due to meet on 28 April to discuss the takeover bids.
Shares in CBH were up 13 per cent at 21.5c a share.
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