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Metallica, which owns Oresome Australia, Phoenix Lime and Lucky Break Operations, has launched a scrip offer of one Metallica share for every 22 Queensland Ore shares. The offer outbids by 25 per cent the offer by Outback Metals of one Outback share for every 4.79 Queensland Ore shares.
Eugene Fung from DLA Phillips Fox in Brisbane is advising Metallica on its rival offer.
Queensland Ores, which is developing a copper, gold and silver deposit near Gladstone, has been an acquisition target since its share price fell from highs of over 40 cents to around 1 cent for most of 2009.
Hopgood Ganim, which usually acts as Outback's lawyers as well, Business Spectator reports, is advising Queensland Ores and Brett Plant from PKF Corporate Advisory. But Holman Webb has taken over the brief, joining corporate advisors Empire Funds Management. Outback has estimated bid costs of $250,000, it reports.