Crosby makes bid for Tethyan

Hong Kong''s Crosby Capital Partners tables a A$101 million bid for a Pakistan copper and gold project, listed in Australia.

Crosby Capital Partners yesterday announced that it was teaming up with an unnamed group of investors to make an off-market bid for all the shares and options of Tethyan Copper Company. The bid is priced at A$0.64 a share, a 32% premium to Monday's closing price, giving it a full valuation of A$101 million $76 million.

The bid comes at an interesting time for Tethyan and for its Reko Diq project in Pakistan. According to Crosby, the project is at a very early stage of development, not having even completed a bankable feasibility study.

Moreover, Crosby says that moving the project to development would require an...

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