02:42 PM EDT, 05/22/2024 (MT Newswires) -- Anglo American said Wednesday its board rejected the third takeover bid from BHP Group ( BHP ) due to concerns over its complexity and overall value to shareholders, but extended the deadline, keeping the prospects of a deal alive.

Anglo American said its board unanimously rejected the proposal maintaining the bid "does not meet expectations of value delivered to Anglo American's shareholders" but that the board was "willing to continue to engage with BHP and its advisers on this topic".

BHP's latest bid of 0.8860 BHP shares for each Anglo American share values Anglo American at 29.34 British pounds ($37.38) per share based on prices at market close on April 23, the cthompany said. But, BHP said in a separate statement on Wednesday that its offer valued Anglo at 31.11 pounds per share based closing price on Wednesday.

Anglo board, however, requested the UK's Panel on Takeovers and Mergers for an extension in the deadline by another week and the panel has consented. There is no certainty of a firm offer, Anglo added.

Anglo American said it will continue to engage with BHP for another week, despite expressing "serious concerns" on the deal structure that requires it to spin off two South African subsidiaries, including Anglo American Platinum and Kumba Iron Ore.

BHP shares were down 4% in recent trading.

Price: 59.20, Change: -2.43, Percent Change: -3.94