Maryland pharma company buys overdose-reversing Narcan maker

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(Adds details from statement, premium, background on Lundins offer) Sept 5 (Reuters) - Chinas Zijin Mining Group Co will buy Canadian gold and copper miner Nevsun Resources Ltd for about C$1.86 billion ($1.41 billion), the companies said on Wednesday, after Nevsun rejecting multiple bids from rival Lundin Mining Corp. Zijin Mining, which specialises in gold, copper and zinc, will offer C$6.00 per share in cash for Nevsun, the companies said, representing a premium of about 21 percent to Nevsuns close in Toronto on Tuesday. Lundin took its all-cash offer of C$4.75 per share directly to Nevsun shareholders on July 26, after its five previous proposals were rejected by the company. After rejecting Lundins offer, Nevsun said in August it had entered into confidentiality agreements with 18 interested parties, and had received four proposals from mining and smelting companies, indicating their willingness to purchase up to a 19.9 percent stake in Nevsun. Zijins offer is subject to a minimum tender requirement of two-thirds of Nevsuns shares, they said. Zijin will have to pay a termination fee of $50 million to Nevsun in certain circumstances, including failure to receive approval from Chinese authorities, according to the statement. Zijin will be eligible for a termination payment of $50 million if Nevsun accepts a superior offer. BMO Capital Markets advised Nevsun on the deal, while Morgan Stanley advised Zijin. Nevsun shares on the Toronto exchange are up nearly 30 percent since Lundin made its offer public on May 7. ($1 = 1.3180 Canadian dollars) (Reporting by Ismail Shakil in Bengaluru; Editing by Gopakumar Warrier) View comments
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