First Quantum Sends $5.1B Offer To Shareholders
TORONTO (AP) â¿¿ First Quantum Minerals Ltd. is sending its takeover offer for Inmet Mining Corp. directly to the copper miner's shareholders.
First Quantum said last month that it had increased its offer $72 per Inmet share, half in cash, half in stock, for a total offer worth about $5.1 billion.
It was the second time First Quantum boosted its cash and stock bid for Inmet, which rejected a $4.9 billion stock and cash offer in November. At the time, Inmet said the "highly conditional offer" was not in the best interest of its shareholders.
First Quantum CEO and chairman Philip Pascall said in a statement Wednesday they are taking the proposal directly to Inmet shareholders and requesting their support.The offer is open for acceptance until Feb. 14.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV