Valcambi SA put up a US$16 million stalking horse bid to acquire the assets of Republic Metals Corp., which filed for bankruptcy in 2018, Reuters reported Jan. 9, citing a source familiar with the matter.

The New York bankruptcy court approved the Swiss precious metals refiner's offer, implying that any bid for the distressed American refiner must be higher than Valcambi's, according to the report.

Valcambi had reached an understanding to acquire Republic Metals, subject to due diligence proceedings. However, Republic Metals filed for bankruptcy Nov. 2, 2018, resulting in the deal falling through.