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Central Asia Metals PLC on Thursday raised its offer for New World Resources PLC a fourth time, prompting a higher bid from its rival Kinterra Capital. The Central Asia Metals, or CAM, is a London-based mining firm focused on Kazakhstan and Macedonia. Its latest cash bid values New World at A$240 million, or A$0.065 per share. Kinterra, a Canadian private equity firm, has responded by increasing its offer to A$0.066 per share. Prior to Thursday, both CAM and Kinterra were offering New World A$0.062 per share. However, CAM said it could provide additional ‘funding certainty’ by loaning New World $6.5 million as part of the deal. Earlier in July, CAM and New World agreed to a revised takeover structure, scrapping an A$10 million placement proposal in favour of the loan. The deal was previously structured as an off-market takeover in parallel with an acquisition scheme. The agreement came after Kinterra unsuccessfully tried to prevent CAM from buying more shares in New World. In a filing submitted to the Australian Takeovers Panel, Kinterra accused CAM of insider trading and market manipulation. Each time CAM has raised its offer price, it has done so directly after buying shares in New World at the same price as the latest offer. CAM’s latest offer is 30% higher than its initial approach to New World, back in May, when it valued the Australian company at A$88.8 million in total, or A$0.050 per share. As of Thursday, the offer is unconditional and is open for acceptances. CAM owns 12.1% of New World shares and New World’s board, which owns a combined 3.3% of the company, has recommended CAM’s offer to shareholders. New World noted Kinterra’s higher offer, and said it will update further in due course. CAM shares were flat at 140.60 pence on Thursday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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