TAKEOVER: Norilsk announces play for Asian Mineral Resources

TORONTO –Russian giant MMC Norilsk Nickel has announced its intention to make an all-cash takeover bid through a subsidiary for Asian Mineral Resources (AMR). Norilsk says it will offer $0.11 per share, a price said to be 69% over the 20-day volume weighted average for AMR shares.

Asian Mineral said it received written notice of the takeover hours before Norilsk made its offer public. The AMR board did not like some of the vague and highly conditional terms in the offer. Nor does it like the “significant” financial risks posed to the company. A special meeting of shareholders is planned for May 25, 2012.

Asian Mineral aims to be an emerging nickel producer with the development of its Ban Phuc nickel-copper project in Vietnam. More information is available at AsianMinRes.com.