BHP Group has submitted a revised non-binding indicative proposal to the Board of OZ Minerals Limited (OZL) to acquire 100% of OZL by way of a scheme of arrangement for a cash price of A$28.25 (US$18.73) per OZL share.

The parties are entering into a binding scheme implementation agreement (SIA) following the completion of BHP’s confirmatory due diligence and negotiate abinding SIA reflecting the key terms of the Revised Proposal. The 4 week period is expected to commence on November 21, 2022.

The Revised Proposal price corresponds to an enterprise value of A$9.6 billion (US$6.3 billion) for OZL and represents a significant and attractive premium of: 

1. 49.3% to OZL's closing share price of A$18.92 (US$12.63) on August 5, 2022, the final trading day before BHP's original proposal;
2. 59.8% to OZL’s 30-day VWAP of A$17.67 (US$11.79) per share up to and including 5 August; and
3. BHP's initial offer price of A$25.00 (US$16.68) per share has been increased by 13%.