Founders of Eurasian Natural Resources Corp (ENRC) and the Kazakh government offered a mix of cash and shares to acquire ENRC. The mining company was valued at GBP3.04 billion. Founders Alexander Machkevitch, Alijan Ibragimov, Patokh Chodiev and the government of Kazakhstan proposed to take over the company for privatization. They also proposed paying shareholders at US$2.65 in cash plus a 0.23 Kazakhmys Plc stock for each ENRC share held. This was stated by the Eurasian Resources Group BV today.

Kazakhmys owns 26% of ENRC said in a statement that it backs the bid. At the current exchange rates, the offer is equivalent to 234.3 pence per share piece according to the statement. ENRC closed June 21 at 216.90 pence per share piece in London. This gives the company a market value of GBP2.79 pounds. Kazakhmys was at 269.4 pence per share piece.

A letter was sent to an independent committee set up by ENRC's board by the founding shareholders and the Kazakh government. The letter stated a detailed cash offer at 175 pence per share piece based on the 370 pence Kazakhmys price. This was stated by the panel last May 20 with a conclusion that the offer undervalues ENRC.