06:05 AM EDT, 03/26/2024 (MT Newswires) -- Silvercorp Metals Inc. ( SVM ) overnight Monday said it did not satisfy the 50.1% minimum acceptance condition before its off-market takeover bid for all ordinary shares of OreCorp Limited expired March 22.

Silvercorp has elected not to exercise its "right to match" a competing offer for OreCorp, the company said.

Silvercorp will remain entitled to payment of a break fee of about A$2.8 million in certain circumstances.