Perseus Mining (ASX:PRU) has sent takeover target Predictive Discovery (ASX:PDI) an unsolicited proposal it deems is more superior than fellow suitor Robex Resources’ (TSX-V:RBX) takeover offer.
Robex has five business days to match interloper Perseus’ proposal.
Perseus has offered to acquire the shares it does not already own in exchange for 0.136 new ordinary shares of Perseus, for each PDI share via a scheme of arrangement.
Perseus currently holds 17.8% shareholding in the company. Assuming implementation of the scheme, Predictive shareholders (excluding Perseus’ shares) will own approximately 18.4% of all issued Perseus shares.
The proposal values each Predictive Discovery share at $0.778 based on the last closing price of $5.72 per Perseus share on 2 December 2025, implying a fully diluted valuation of $2.1 billion (US$1.4 billion) for the target.
This represents premiums of 24.5% to the last closing price on 2 December, and 34.8% to the 10-day volume weighted average price of PDI shares on the up to and including 2 December.
Predictive’s shares were up 18% to $0.737 as of 2.15pm AEDT.
Perseus proposes providing Predictive with an $37 million unsecured loan facility to be used for the purposes of paying any termination fee payable under the Robex arrangement agreement and pre-development activities.
The offer is not subject to financing or due diligence conditions.
Predictive has engaged BMO Capital Markets and SCP Resource Finance as financial advisors, Fasken Martineau DuMoulin as Canadian legal advisor, and Herbert Smith Freehills Kramer as Australian legal advisor.
GenCap Mining Advisory has been engaged as financial advisor to the company’s board.
Perseus’s financial advisors are Macquarie Capital (Australia) and Sternship Advisers. Its legal advisors are Corrs Chambers Westgarth and Stikeman Elliot.
Write to Adam Orlando at Mining.com.au
Images: PDI
