Australian copper miner Equinox Minerals on Wednesday recommended shareholders accept a $Can7.3 billion (Aus$7.1 billion) takeover bid by the world's largest gold producer Barrick Gold.
The Canadian-based Barrick jumped into the fray overnight Monday, trumping a Aus$6.3 billion bid by Chinese state-owned firm Minmetals Resources.
"The board of directors of Equinox has unanimously determined that the offer is fair to the holders of Equinox common shares and in the best interests of the company," Equinox said in a statement.
"It has agreed to recommend to shareholders to accept the offer."
Barrick's offer translates to $Can8.15 a share for Equinox, which is listed in both Canada and Australia.
It needs to secure acceptances from two-thirds of shareholders for a takeover that would give Barrick growth potential in two of the world's most copper-rich regions -- Chile and Zambia.
The offer is conditional on Equinox dropping its bid for Canada's Lundin, which mines base metals in Portugal, Sweden, Spain and Ireland, and which it has agreed to do.
Equinox had rejected Hong Kong-listed Minmetals' offer as "opportunistic and low ball".