NEW YORK (TheStreet) -- Shares of Augusta Resource Co. (AZC) are trading higher, up 8.05% to $3.22, on very high volume after HudBay Minerals Inc. (HBM) sweetened its offer to buy all of the outstanding common shares of that it doesn't already own.
HudBay owns about 16% of Augusta, and the revised offer is worth about $516 million based on 100% of the fully-diluted common shares.
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Augusta's board determined the revised offer is fair to its shareholders.
Shares of HudBay Minerals are down -3.38% to $9.42. on Monday morning
Separately, TheStreet Ratings team rates HUDBAY MINERALS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate HUDBAY MINERALS INC (HBM) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and poor profit margins."