The A$1.10 per-share offer values New Century at A$144.1 million ($99.54 million), a premium of almost 43% to the stock's last close price of A$0.77. The stock was last seen trading up more than 42% at A$1.095.
Sibanye-Stillwater currently owns 19.9% of New Century Resources. It also intends to acquire another 10.92% of the company via the Australian stock exchange at or below the A$1.10 per share offer price.
New Century's board recommended that its shareholders "Take No Action" regarding the takeover offer. The board will consider the offer and provide a recommendation in due course, the company said in a statement.
Sibanye-Stillwater has been concerned about the change in the strategic direction of New Century under current management, it said in a separate statement.
Shares of New Century have declined significantly since hitting a peak of A$24.69 in October 2017. As of the last close, shares are down 8.9% this year.
"We have expressed our concerns directly to the board and did not support the proposed re-election of Nick Cernotta or Robert McDonald to the board at the Annual General Meeting held on 9 November 2022," Sibanye-Stillwater said.
Founded in 2010, New Century Resources is into tailings and mining management. It currently operates the Century Mine in North West Queensland and has a market capitalisation of A$101 million as of last close.
($1 = 1.4478 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Dhanya Ann Thoppil)
