OZ Minerals shares remain halted ahead of potential BHP takeover offer update

Here's the latest on the OZ Minerals takeover…

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The OZ Minerals Limited (ASX: OZL) share price remains out of action on Thursday.

This follows the request for a trading halt on Wednesday.

two business men sit across from each other at a negotiating table. with a large window in the background.

Image source: Getty Images

What's going on with the OZ Minerals share price?

As a reminder, before the market open yesterday, OZ Minerals requested a trading halt pending an announcement "in relation to a potential change of control transaction."

While the company hasn't provided any further details, it is widely accepted that OZ Minerals is back in talks with mining giant BHP Group Ltd (ASX: BHP).

This follows a takeover approach from the Big Australian earlier this year offering $25.00 per share, which was swiftly rejected by the OZ Minerals board.

What's the latest?

There were rumours yesterday that BHP and OZ Minerals had made progress and were preparing to release an announcement this morning.

However, this hasn't been the case and investors look set to have to wait until tomorrow morning when the OZ Minerals trading halt ends for further details.

One thing for sure, though, is that the offer is expected to be greater than $27.00 per share.

That's because analysts estimate that BHP's previous offer is the equivalent of $27.00 per share today after factoring in movements in the copper price and the weaker Australian dollar.

Another thing to watch is the potential for the two parties to make a deal based on where the copper price trades. This would allow OZ Minerals to back out of a deal if there a material change in the price of the base metal.

All will (hopefully) be revealed tomorrow.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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