Katanga Mining Ltd said on Monday it has formed an independent committee of board members to review “all strategic alternatives” as it faces the possibility of a takeover offer from Central African Mining & Exploration Co (CAMEC).

Last week, CAMEC raised its proposal for an all-stock bid for Katanga to £943 million (US$1.9 billion).

The unsolicited proposal would offer 17 new ordinary CAMEC shares for each Katanga share. That`s up from an earlier CAMEC proposal for a 15-for-1 deal.

Katanga urged shareholders to take no action until a formal offer is made.

The three-member committee “will be responsible for reviewing all strategic alternatives that are available to the company and will recommend to the board a course of action to achieve maximum value for shareholders,” Katanga said in a statement on Monday.

CAMEC, which operates in the Democratic Republic of Congo (DRC) and already owns 22 percent of fellow DRC-focused Katanga, expects to make an official offer in August, and has lock-up agreements with shareholders representing about 32 percent of Katanga`s shares, it said last week.

Katanga, which owns a major copper-cobalt mine project in the DRC, has previously asked Canadian regulators to block any attempt by CAMEC to add to its stake.

The company added it would give due consideration to a formal offer from CAMEC, if it receives one.

Reuters