Corporates: CBH, MCC, HVN

  Japan's Toho Zinc has sweetened its proportional bid for CBH Resources to counter an expanded offer from Belgian metals processor, Nyrstar.CBH Resources said yesterday that it was the new offer from Toho & #160;in a statement to the ASX.The new price for Toho's proportional offer for CBH shares has been increased & #160;from & #36;0.25 a share to & #36;0.30 a share. & quot;The structure and other terms of the proportional takeover offer remain the same as announced to the market on 16 March 2010. & quot;This includes that Toho will offer to acquire between 26.5% and 28.5% of all shares held by CBH shareholders to give it a relative interest in not more than 49.9% of the shares.Nyrstar last week offered 19.5c a share for 100% of CBH, plus & #36;1,000 each for its convertible notes.As Toho owns around 24% of CBH and is a major holder of the notes, the Nyrstar has little chance of winning, and yet Toho has returned with an improved offer of its own. & quot;A committee of CBH Directors independent of Toho (the & quot;Independent Committee & quot;) will meet shortly to consider the Improved Toho Proposal, and will advise shareholders as to its recommended course of action. & quot;Before this latest increase in offer price, the Independent Committee had already endorsed Toho's previous proposal which is presently scheduled to be put to CBH shareholders at a general meeting on 28 April 2010. & quot;As advised to shareholders on 12 April 2010, the Company has previously received a new proposal from Nyrstar NV ( & quot;Possible Nyrstar Proposal & quot;) which is to acquire all of the ordinary shares of the Company for & #36;0.195 per share and to acquire the CBH Convertible Notes at & #36;1,000 per Note, subject to the satisfaction of certain preconditions. & quot;The Company has subsequently facilitated one of the preconditions of the Possible Nyrstar Proposal, being confirmatory due diligence on CBH, is yet to advise CBH of the outcome of its due diligence and the impact (if any) on its proposal. & quot;CBH shares jumped 13%, or 2.5c, to 21.5c at the close yesterday.  

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