UPDATE: First Quantum Formally Commences Offer to Inmet; First Quantum Down 3%, Inmet in the Green

By Midnight Trader,  January 09, 2013, 11:10:56 AM EDT

First Quantum Minerals Ltd. (FM.TO) has formally commenced its offer to acquire all of the outstanding shares of Inmet Mining Corporation (IMN.TO) for total consideration of approximately C$5.1 billion by mailing the takeover bid circular and related documents required to be sent to Inmet shareholders.

Each Inmet shareholder will have the option to elect to receive consideration per Inmet share of C$72.00 in cash or 3.2967 First Quantum shares, or a mix of C$36.00 in cash plus 1.6484 First Quantum shares.

FM went down by nearly 3% to $20.98, moving closer to year low $16.46. IMN is in the green, up 25 cents to $72.50.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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