06:45 AM EDT, 03/15/2024 (MT Newswires) -- Silvercorp Metals Inc. ( SVM ) earlier Friday said its off-market takeover bid for all OreCorp shares it does not already own will close at 7 p.m. Sydney time on March 22.

As of market close March 14, the Silvercorp offer has an implied value of A$0.60 per OreCorp share, representing a 9% premium to the offer made by Perseus Mining Ltd. ( PMNXF ) .

If the 50.1% minimum acceptance condition is not met, Silvercorp will return all shares tendered to OreCorp shareholders when the offer closes.

The company also noted that Perseus has yet to announce that it has received merger approval for an acquisition of OreCorp from the Tanzanian Fair Competition Commission, a key condition to its offer. Meanwhile, Silvercorp has received such approval.