Cathay Fortune's Discovery Metals takeover bid turns hostile
Cathay Fortune Corporation (CFC), the private equity group founded by Chinese billionaire Yong Yu, has made a direct approach to Discovery Metals shareholders after the company's board rebuffed its A$830m ($856m) takeover bid.
CF Investments, 75% owned by Yu's CFC and 25% by the China-African Development Fund (CAD), had offered A$1.70 a share in cash for the remainder of the company that it doesn't already own. This represented...
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