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(adds Kazakhmys spokesman's quote, takeover panel deadline) LONDON (Thomson Financial) - Kazakhmys Plc. rejected an indicative and non-binding takeover proposal from Eurasian Natural Resources Corp. Plc. (ENRC), saying the proposal is well below the current share price.
The proposal values each Kazakhmys share at around 1,550 pence, the company said.
Under the terms of this proposal, Kazakhmys said its shareholders would receive 1,022 pence in cash, and 0.413 ENRC shares.
A spokesman for Kazakhmys said: "We regard (the approach) as pretty ill-considered in its thinking. This a company that announced it had held talks with Kazakhmys when no talks had taken place, and has not held talks since. It has now come up with a hopelessly derisory offer with apparently no financing in place." ENRC still faces a Takeover Panel deadline of next Friday, by which time it must either announce its firm intention to make an offer for Kazakhmys, or rule out an offer.
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