The board of New World Resources has thrown its weight behind a sweetened takeover offer from Kinterra Capital, after rival bidder Central Asia Metals (CAML) opted not to match the improved bid, drawing a close to a months-long contest for control of the ASX-listed copper developer.

Kinterra’s revised offer of A$0.067 a share, conditional on surpassing a 30% stake by July 24, was deemed superior by New World’s directors, who unanimously recommended shareholders to accept the bid "without delay". Kinterra’s takeover vehicle currently owns about 19.9% of New World.

New World confirmed Monday that it had initiated steps to terminate the previously signed bid implementation deed with CAML, triggering a break fee payable to the London-listed base metals miner.

“The board considers the revised Kinterra offer to be in the best interests of shareholders and intends to accept in respect of its own holdings,” the company said. Directors currently control 3.3% of New World’s shares on issue.

CAML’s decision not to match Kinterra’s offer follows a drawn-out bidding process for New World, which owns the Antler copper deposit in Arizona – one of the highest-grade undeveloped copper assets in the US. The company has been in play since May, when CAML first launched an offer of A$0.50 a share. Kinterra entered the fray in June with a non-binding proposal at A$0.057 a share, followed by an unconditional takeover bid on June 26.

CAML last week lodged its bidder’s statement and opened its offer, at A$0.065 a share, to New World’s shareholders. Kinterra beat that by offering A$0.067 a share hours later. 

The Antler project is seen as a strategic prize as global demand for copper intensifies amid surging investment in energy transition infrastructure. Kinterra, a private equity firm focused on critical materials and infrastructure, has described the project as a “high-quality, shovel-ready” asset located in a jurisdiction aligned with US government goals to onshore critical mineral supply chains.

In its upcoming target’s statement, expected later this week, the board will reiterate that no superior proposal is likely to emerge. New World shares traded to A$0.066 in Sydney on Monday.