New Century recommends $95m buyout offer from Sibanye-Stillwater

Australian zinc miner New Century Resources on Wednesday recommended its shareholders accept South African precious metals producer Sibanye-Stillwater’s takeover offer of A$144.1 million ($94.9 million).

Sibanye-Stillwater, the biggest shareholder in New Century with an up to 73.41% stake, last month launched an unsolicited takeover bid of A$1.10 cash per share.

New Century said it recommends it shareholders accept the Sibanye offer in the absence of a competing proposal.

New Century, which has been producing zinc from tailings or waste, is an attractive takeover target as Sibanye-Stillwater has been expanding into recycling and waste management.

($1 = 1.5184 Australian dollars)

(By Upasana Singh; Editing by Krishna Chandra Eluri and Shinjini Ganguli)