Perseus Mining exits Predictive Discovery race after Robex improves its proposal

Dec 11 (Reuters) - Gold miner Perseus Mining PRU.AX said on Thursday its binding offer to acquire Predictive Discovery PDI.AX has lapsed after rival bidder Robex Resources RBX.V improved its bid proposal under an existing agreement.

The companies, all with gold assets in West Africa, are vying to expand amid this year's record prices for the yellow metal.

Perseus' now-lapsed offer valued Predictive at A$2.1 billion ($1.4 billion) and carried a 24.5% premium to Predictive's close on December 2, the day before the offer was announced.

Robex on Thursday amended its existing October 5 agreement to match Perseus' bid.

Under its improved proposal, Robex shareholders would now receive 7.862 fully paid ordinary shares in Predictive, for each Robex share, valuing Predictive at A$2.17 billion.

In its previous offer, Robex shareholders got more Predictive shares than in the current offer, with the rising valuation largely a function of gold prices on the share values of the companies.

Upon completion of a deal, existing Predictive shareholders would hold about 53.5% of the combined entity, with former Robex shareholders owning 46.5% on a fully diluted basis.

The deal comes as global gold prices have repeatedly hit record highs this year amid expectations of lower U.S. interest rates. GOL/

Shares of Predictive Discovery fell 9.9% on Thursday, set for their worst day since May 28. Perseus Mining advanced 3%.

Robex shares were not trading at the time of the announcement. They finished on Wednesday at C$4.40, down 0.1%.

($1 = 1.4990 Australian dollars)