Update: Vault Minerals Receives Nearly AU$6 Billion Merger Proposal From Genesis Minerals; Shares Up 11%

(Updates to add share movement in the headline and the last paragraph and Regis Resources' comment in the fifth paragraph) Vault Minerals (ASX:VAU) received an unsolicited binding proposal from Genesis Minerals (ASX:GMD) to merge via acquisition by Genesis of all ordinary shares in Vault through a scheme of arrangement, valuing Vault at AU$5.6 billion or AU$5.27 per share, according to a Monday Australian bourse filing. The company said the implied offer price represents a nearly 15% premium to the AU$4.614 implied offer price under its existing scheme with Regis Resources (ASX:RRL), based on the last closing price of Regis shares of AU$6.63 on July 3, and an almost 16% premium to the closing price of Vault shares on the same date. The consideration under the Genesis proposal comprises 0.7629 new Genesis ordinary shares plus AU$0.475 in cash for every Vault share held, with Genesis to provide a mix and match facility enabling Vault shareholders to elect to receive more or less cash or scrip, subject to maximum aggregate cash and scrip consideration of about AU$500 million and about 803.4 million Genesis ordinary shares respectively, the filing added. Vault has notified.