No backing down in battle for New World

The bidding war for New World Resources continues after Central Asia Metals (CAML) upped its bid price for the Arizona copper play for a second time.

CAML emerged with another 7 per cent voting bloc and a 6.1-cent per share offer on Friday, valuing New World at around $230 million. 

Following its overnight share purchase, executed at 6.2 cents per share, London-headquartered CAML holds 12 per cent of New World shares.

The latest offer trumps a 5.6-cent per share bid by rival suitor Kinterra Capital on Monday, after the Canadian investment firm spent the last few weeks buying up a 19 per cent stake.

New World says neither bidder has indicated a best and final offer, so both parties might have more in the tank as the scrummage continues.

Prior to CAML's first offer, a 5.5-cent per share bid that valued the copper stock at $185 million, New World shares were trading just below 3 cents per share.

But in the weeks since the first takeover bid on May 21, the company's share price has more than doubled.

New World shares are up 11 per cent on this morning's news, priced at 6.6 cents each.