Initially, First Quantum approached Inmet with a C$62.50 per share offer in October. The offer was subsequently raised to C$70 per share. Inmet rejected that offer and responded by adopting a plan that allows shareholders to buy Inmet shares at half the market price if anyone attempts to buy 20 percent of more of the company. Still, it said the plan “is not intended to prevent take-over bids,” but rather to give the company “adequate time to consider and evaluate any such take-over bid.”That means the company might sell at the right price — an eventuality that could be dictated by four shareholders, including holding company Leucadia National and Temasek Holdings, a subsidiary of Singapore's sovereign wealth fund, which together own nearly 40 percent of the company.
Inmet Mining Owners Face Dilemma As First Quantum Dangles Third Bid
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts