Oro Mining Says Independent Committee Deems Wexford Takeover Offer "Highly Opportunistic"

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Oro Mining Ltd. (OGR.V) said it has received an independent opinion that Wexford Capital LP's offer to acquire the company at 11 cents per share is financially inadequate.

A special committee of independent directors has advised that, based on its review to date, "its preliminary view is that the proposed Wexford unsolicited offer significantly undervalues the shares of Oro, is highly opportunistic in terms of timing and is clearly intended to take advantage of the pervasive fear that has existed in the market for junior resource companies over the last several months. The special committee also wishes to confirm that the company has not, and presently has no intention to, provide support to Wexford in any form in connection with its proposed offer."

Oro Gold was last quoted at 2:11 pm ( ET ) at 10 cents, unchanged for the session

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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