Fortescue Metals Group Limited (ASX: FMG) boss Andrew 'Twiggy' Forrest is out for nickel, posting a bid for All Ordinaries Index (ASX: XAO) miner Mincor Resources NL (ASX: MCR).
The Aussie billionaire's privately-owned Wyloo Metals made a $760 million offer for the battery metals stock this morning.
The offer, if accepted, could see shareholders receiving $1.40 for each of their securities – a 35% premium on the Micor share price's previous close. Though, the market appears to think the rich lister could go higher.
Stock in the ASX All Ords takeover target is surging 40.87% to trade at $1.465 apiece at the time of writing.
Let's take a closer look at the offer on the table from the Fortescue icon.
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Twiggy tables $760m bid for ASX All Ords nickel miner
Fortescue's Twiggy Forrest has put forward an on-market takeover offer to buy all shares in ASX All Ords nickel producer Mincor.
The billionaire already boasts a 19.99% stake in the battery metals stock.
That stake was worth around $111 million when the Mincor share price closed Monday's session at $1.04. At that price, the company boasted a market capitalisation of around $557 million according to the ASX.
Though, the $1.40 all-cash bid still represents a bargain compared to the stock's recent highs. The Mincor share price peaked at $2.84 in April 2022.
Not to mention, the ASX All Ords company offered new shares for $1.39 apiece under a recent $55 million placement.
On announcing the bid, Wyloo Metals commented:
Wyloo believes that the offer represents attractive value to Mincor shareholders, particularly given the current risks and uncertainties associated with remaining a Mincor shareholder in the face of prevailing economic and equity market risks.
Wyloo considers these risks may be weighing on Mincor's valuation, as demonstrated by the 49% decline in its share price over the last 12 months.
The offer period in which Mincor shareholders can accept the Fortescue boss' offer will open on 5 April. It will close on 8 May unless it's extended.
Twiggy first bought into the ASX All Ords nickel share in 2019, snapping up a 6% stake.
