CBH Resources (ASx: CBH) has received an alternative takeover proposal from major shareholder Toho Zinc Co., Ltd.
Toho would look to make a proportional takeover offer to all CBH shareholders (excluding Toho) for CBH ordinary shares at 25 cents per share. Toho would thenhave a relevant interest in not more than 49.9% of total issued shares of CBH.
The previous Nyrstar cash and/or scrip offer for the company was pitched at 19.5 cents per CBH share.
The proposed placement of 50 million CBH shares to Toho at 20 cents per share would not proceed, nor would its direct stake in the Rasp Mine proceed.
Toho holds 24.1 per cent of CBH shares as well as 50.6 per cent of its convertible notes.
CBH independend directors will meet to assess the two offers.
CBH closed at 18.5 cents.