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OZ Minerals' takeover bid for Avanco goes unconditional after 43.5% take-up

Copper miner OZ Minerals Ltd.'s takeover offer for Avanco Resources Ltd. received acceptances of 43.5%, and the offer is now unconditional.

Including commitments from Avanco's management and directors, the company will have acceptances for 46.6%. Avanco's largest shareholder, Appian Natural Resources, with an 18.44% stake, accepted the offer in May.

In its June 7 release, OZ Minerals said shareholders who intend to accept the offer should "to do so immediately, as there is no reason to delay."

Avanco shareholders will receive 8.5 Australian cents cash and 0.009 OZ Minerals shares for each share held. The offer will close June 14.