Proactive Investors - Anglo American (JO:AGLJ) has rejected a "third and final" offer from BHP Group (LON:BHPB) but the bid deadline has been extended by a week as the pair are in talks.
The board of the FTSE 100-listed miner said they received a third "highly conditional" takeover proposal from BHP on Monday.
Under this latest proposed deal was worth £29.34 per Anglo American share, up from the £27.53 first and second bids tabled by BHP.
The new proposal is structured so that for each share they owned Anglo American shareholders would receive 0.8860 BHP shares and a direct proportion of shares in each of Anglo American Platinum and Kumba Iron Ore based on their effective interest.
It includes the "same highly complex structure as the proposals previously rejected", Anglo said in a statement.
In a separate statement, BHP said since submitting this latest proposal, "we have been engaging with Anglo American and its advisors to help mitigate the concerns associated with the implementation of this structure that led to the rejection of the revised proposal.
"We have made progress on these topics over the course of the engagement so far, and we are hopeful that resolution will be reached in the next seven days."
The new extended put-up-or-shut-up (PUSU) deadline is 5pm on Wednesday 29 May.