OZ Minerals' $418 million takeover bid for Avanco Resources "significantly undervalues" the Brazil-focused junior, according to the second biggest shareholder in the takeover target.
London private equity firm Greenstone Resources confirmed to AFR Weekend that it had not yet accepted the offer lobbed by OZ on March 28, and Swiss miner Glencore has also not yet accepted the cash and scrip bid.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
