11:11 AM EDT, 05/22/2024 (MT Newswires) -- (Updates with details of latest offer)

BHP Group ( BHP ) proposed Wednesday a 'final' bid for Anglo American, after Anglo American rejected a previous proposals on the deadline and extended until May 29 a 'put-up-or-shut-up' deadline for BHP's latest bid, both companies acknowledged Wednesday.

BHP's latest bid values Anglo American at 31.11 British pounds ($39.60) per share based on prices at UK markets close Wednesday.

"BHP has put forward a final offer ratio of 0.8860 BHP shares for each Anglo American share," BHP's Chief Executive Mike Henry said in the offer's release. "This is a significant increase from our first proposal and would provide Anglo American shareholders with 17.8% of a combined BHP and Anglo American."

Anglo American said earlier Wednesday it had rejected the latest offer, though extended the put-up-or-shut-up deadline.

Price: 59.54, Change: -2.09, Percent Change: -3.39