Yesterday, Oz Minerals shares closed at $18.92. Today they surged 35%, or $6.67, to close at $25.59, after BHP had made a $25-a-share cash offer for the company which the Board of Oz Minerals publicly rejected at 8.14 a.m. before the market had even opened for business.
And yet their share price still surged by 35%. Are they expecting BHP to come back with a better offer? I wished someone would make a take-over bid for BHP, as its share price has been languishing below the $40-mark since its high of $53.92 in April. Being a two-hundred-billion dollar company, a take-over bid for it is not very likely, so I just have to be content with the dividends which are due at the end of next month.
