It’s not surprising given the enthusiasm around the $444 million deal that two major resources funds want in on OZ Minerals’ offer for junior copper play Avanco Resources.

Avanco’s (ASX:AVB) biggest shareholder, Appian Natural Resources Fund, has formalised an earlier promise to accept OZ Minerals’ (ASX:OZL) offer.

Appian has collectively built and managed over 60 mines into production and managed transactions in excess of $200 billion.

Separately, major American hedge fund BlackRock Group and its related entities have accepted either directly into the offer or through the institutional acceptance facility.

New York’s BlackRock is one of the biggest investors in Australia’s financial markets with around $100 billion invested in Australian listed companies and fixed income paper.

OZ Minerals established the institutional acceptance facility earlier in May for certain professional investors for an 11.6 per cent shareholding in Avanco.

The suitor so far has a 35.57 per cent stake in Avanco.

In March, the two companies inked a deal for OZ Minerals to acquire all the issued shares of Avanco for 8.5c per share cash plus 0.009 OZ Minerals shares per Avanco share.

OZ Minerals, which has a market cap of roughly $3.1 billion, owns and operates the Prominent Hill copper-gold-silver mine and is developing one of Australia’s largest copper-gold resources at Carrapateena.

AVB shares over the past six months.

The prize for OZ Minerals is Avanco’s exploration projects in the highly prospective Carajás copper province and Gurupi gold belt in Brazil.

OZ Minerals offer was a no-brainer for Avanco shareholders – valuing the company at well over double its $189 million market cap prior to the announcement.

Avanco’s share price has since shot up to 17c, now valuing the company at over $400 million.