UK-based mining giant Anglo American has announced that, following evaluations, it has rejected Australian miner BHP Billiton’s non-binding offer to acquire its operations.
According to its statement, the board of directors has reached the conclusion that BHP’s offer seriously undervalues Anglo American and has found that the offer is highly unattractive for Anglo American’s shareholders. Also, the company also considered BHP’s offer to be “opportunistic”. As a result, the offer has been rejected unanimously.
As SteelOrbis reported previously, even though Anglo American had not specified the amount of the bid it had received, local media reports indicated that BHP had offered $39 billion for the takeover.