The founders of UK-listed Eurasian Natural Resources (ENRC), together with the government of Kazakhstan, have submitted a £3.04bn takeover bid.

The company’s Alexander Machkevitch, Patokh Chodiev and Alijan Ibragimov and the government are seeking to acquire the remaining stake of 46% in ENRC that they do not already own.

The proposal will provide shareholders with $2.65 in cash and 0.23 shares of 26%-holder Kazakhmys (KAZ) for each ENRC share held.

In May 2013, the founding shareholders, together with the government, submitted a proposal to an independent committee established by ENRC’s board, offering £1.75 in cash plus 0.231 shares of Kazakhmys.

The proposal was rejected by the company’s independent directors.