ENRC independent directors tell shareholders to consider offer
ENRC’S independent board yesterday recommended that shareholders should “seriously consider” the £3bn offer from the company’s founders, despite the price “materially undervaluing” the Kazakh miner.
The board said that there was a lack of alternatives for investors and that an imminent de-listing could adversely affect the liquidity, marketability and value of the ENRC shares.
The miner is currently being investigated by the Serious Fraud Office, which the board warned is likely to have an adverse effect on the value of shares in the near and medium term.
A group including ENRC’s three founders and the Kazakh government has made a bid for the 46 per cent of ENRC it does not already control, hoping to take it private. ENRC shareholders have until 28 August to accept the bid, which is expected to succeed after shareholders at Kazakhmys, which owns a 26 per cent stake in ENRC, backed the offer last week.