The board of Tanzanian gold exploration group OreCorp has recommended shareholders back a $270 million takeover bid from Perseus Mining, after spending seven months backing a rival proposal from Canada’s Silvercorp Metals.

OreCorp directors had supported the Silvercorp offer despite it being mostly scrip. Perseus, the ASX-listed miner which has projects across West Africa, had lobbed a bid that was entirely cash and, at one stage, worth more than Silvercorp’s offer.