The company says Wyloo will pay
Noront is developing several projects in the Ring of Fire region in northern
The BHP offer required more than 50 per cent of the Noront shares not owned by BHP to be tendered to its bid. However Wyloo, which owns a 37.25 per cent stake in Noront, said it would not support BHP's offer.
Under the Wyloo offer, Noront shareholders have the option to tender all or a portion of their shares. Shareholders who choose to keep their shares will continue as shareholders in the company going forward.
BHP has five business days to match Wyloo's offer.
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