Private equity firm Kinterra Capital and London-listed Central Asia Metals (CAML) have both increased their offers to shareholders of ASX-listed New World Resources, as the companies vie to acquire the company, which holds assets in the US.

CAML on July 17 lodged its bidder’s statement and opened its offer, at an increased price of A$0.065 a share, to New World’s shareholders.

That compares with CAML’s initial buyout offer to New World shareholders of A$0.05 a share, as announced in May, and a revised offer of A$0.062 a share, announced on July 7.

Following the increased offer from CAML, New World’s board of directors said it unanimously recommends shareholders accept the CAML offer, in the absence of a superior proposal.

It also urged shareholders to take no action on a previous offer made by Kinterra, on July 10, at a price of A$0.064 per New World share.

Hours later, however, New World confirmed to shareholders that it had received an increased offer from Kinterra – at A$0.066 a share, or A$0.067 a share if Kinterra’s relevant interest in New World exceeds 30% by 17:00 AEST on July 24.

The ASX-listed company has, in response, issued a notice to CAML under a matching rights regime, giving CAML five business days to match the high Kinterra takeover offer.

It has advised shareholders to still take no action on Kinterra’s offer at this stage, saying the board still maintains its existing recommendation in favour of the CAML takeover offer.

Kinterra earlier this month lodged an application with the Australian Takeovers Panel, alleging that New World and CAML had acted to frustrate a competitive bidding process.

New World is developing the Antler copper deposit in Arizona, in the US, which MD and CEO Nick Woolrych in May described as one of the highest-grade copper projects in the world.

The company plans to start construction on the project later this year and to start production of copper, zinc and gold in 2027.

Not only is copper in demand worldwide because of its inclusion among the most sought-after critical minerals, but a recent announcement by the US government of a 50% copper import tariff is likely to drive demand for copper resources within the US.