May 7, 2018 / 10:38 PM / 3 months ago

BRIEF-Lundin Mining, Euro Sun Disclose Bid To Buy Nevsun Resources For About C$1.5 Bln

May 7 (Reuters) - Lundin Mining Corp:

* LUNDIN MINING AND EURO SUN DISCLOSE PROPOSAL TO ACQUIRE NEVSUN RESOURCES

* CO, SUN MINING INC SUBMITTED PROPOSAL TO NEVSUN RESOURCES TO BUY NEVSUN FOR APPROXIMATELY C$1.5 BILLION

* PROPOSAL HAS BEEN REJECTED BY NEVSUN

* LUNDIN MINING SAYS ITS “NUMEROUS ATTEMPTS TO ENGAGE NEVSUN AND PROPOSE A MUTUALLY BENEFICIAL TRANSACTION HAVE BEEN UNSUCCESSFUL”

* UNDER TERMS OF PROPOSAL, DATED APRIL 30, 2018, NEVSUN SHAREHOLDERS WOULD RECEIVE TOTAL CONSIDERATION OF C$5.00 PER NEVSUN SHARE

* PROPOSAL WOULD RESULT IN CO OWNING NEVSUN’S EUROPEAN ASSETS, EURO SUN OWNING REMAINDER OF NEVSUN INCLUDING BISHA MINE, CASH BALANCE

* SAYS “WE REMAIN FULLY COMMITTED TO NEGOTIATING A TRANSACTION WITH NEVSUN”

* UNDER PROPOSAL TERMS, TOTAL CONSIDERATION CONSISTS OF C$2.00 IN CASH FUNDED BY CO; C$2.00 IN SHARES OF CO; C$1.00 IN SHARES OF EURO SUN

* SUBMITTED FIRST PROPOSAL TO NEVSUN ON FEBRUARY 7, 2018 AND A FURTHER PROPOSAL ON FEBRUARY 25, 2018, BOTH OF WHICH WERE REJECTED

* ON APRIL 3, SUBMITTED PROPOSAL TO BUY NEVSUN’S EUROPEAN ASSETS, INCLUDING TIMOK PROJECT, FOR CASH & SHARES, WHICH WAS ALSO REJECTED Source text for Eikon: Further company coverage:

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