SYDNEY, May 13 (Reuters) - Shares in Australian copper miner PanAust Ltd jumped more than 30 percent on Tuesday after it said it received an incomplete takeover offer from China’s state-owned Guangdong Rising Assets Management.
PanAust said Guangdong offered A$2.30 per share, valuing the company at around A$1.4 billion, but the offer was “materially below” anything it could recommend to shareholders. Guangdong already holds 23 percent of PanAust.
The shares were trading at A$2.10, up 33 percent, at 0025 GMT.
Reporting By Byron Kaye; Editing by Paul Tait