(Reuters) – Canadian miner Noront Resources Ltd said on Tuesday that it had agreed to sell itself to Australian billionaire Andrew Forrest's Wyloo Metals, while giving BHP Group five business days to match the offer.
Earlier this month, Noront's top shareholder, Wyloo, raised its offer for the remaining shares in the company to C$1.10 apiece, outbidding BHP Group by 35 cents. The new offer values the miner at C$616.9 million ($477.22 million) and is 57% higher than Wyloo's prior bid.
Both suitors are vying for Noront's Eagle Nest nickel asset in Canada's so-called Ring of Fire, a high-grade deposit of the metal, as well as copper and palladium.
BHP this month ended its talks with Wyloo regarding its support for the takeover of Noront as the two parties failed to reach an agreement.
(Reporting by Arunima Kumar in Bengaluru; Editing by Anil D'Silva)