SYDNEY — Shares in Vault Minerals surged more than 12 percent Monday after the ASX-listed gold producer received an unsolicited, superior takeover proposal from rival miner Genesis Minerals, setting up a potential bidding war just two months after Vault had agreed to merge with Regis Resources.

Vault Minerals shares jumped to $5.105, up 54.5 cents, or 11.95 percent, in early trade, with the stock later touching as high as $5.14 during the session as investors reacted to the news of competing takeover interest. The rally came after Genesis Minerals lodged a binding, unsolicited proposal valuing Vault at approximately $5.6 billion, or $5.2741 per share, representing a 15.7 percent premium to Vault's closing price on Friday and a 14.5 percent improvement on the implied value of its existing agreement with Regis Resources.

Under the terms of the Genesis proposal, Vault shareholders would receive 0.7629 new Genesis ordinary shares plus 47.5 cents in cash for every Vault share held. Genesis has also proposed a mix-and-match facility that would give eligible shareholders greater flexibility over the balance of cash and shares they ultimately receive. Unlike Vault's earlier agreement with Regis, the Genesis offer is not subject to financing or due diligence conditions, a detail analysts described as an aggressive move designed to force a swift decision from the target company's board.

Vault's board said it had unanimously determined, after receiving written legal advice and consulting with its financial advisers, that the Genesis proposal........

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