Kinterra ups New World offer, declares bid unconditional pending 30% threshold
Private equity firm Kinterra Capital has raised the stakes in its pursuit of New World Resources, increasing its all-cash takeover offer to A$0.064 a share and declaring its bid unconditional– provided it secures more than 30% ownership by 19:00 AEST on Friday evening.
Kinterra, acting through its general partner Kinterra Capital GP Corp. II, confirmed in a release on Thursday that its off-market takeover bid for all shares in New World has moved to the next phase, with its bidder’s statement formally dispatched and the offer opening set for July 10.
The revised offer represents a premium over the current $0.062 a share proposal from London-listed Central Asia Metals (CAML).
The offer is currently scheduled to close on August 10, 2025, unless extended.
New World’s board, in response, advised shareholders to take no action until further guidance is provided. The company also confirmed it will issue a matching rights notice to CAML under the terms of their existing bid implementation deed, triggering a five-business-day window for CAML to respond.
According to New World’s statement, the board has “determined that [Kinterra’s offer] may reasonably be expected to lead to a superior proposal” compared with CAML’s.
CAML now has until 17:00 Sydney time on Thursday, July 17, to match or exceed Kinterra’s revised terms. Until then, New World’s directors are maintaining their current recommendation in favour of CAML’s offer.
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