Quadra FNX Mining (QUX.TO) is down 9 cents at midday, and shares
are currently trading at $14.97. It is the third most actively
traded on the TSX, with more than 3.28 million shares changing
QUX said last Monday that proxy advisory firm Institutional
Shareholder Services (
) had recommended that Quadra shareholders vote in favor of Polish
miner KGHM's C$3 billion offer for the Canadian miner.
ISS advised its clients to vote in favor of KGHM's bid for
Vancouver, British Columbia-based Quadra, given that "there have
been no alternate offers and there are no governance concerns."
"We are pleased that ISS has confirmed our view that
shareholders should support the transaction with KGHM," Quadra
Chief Executive Paul Blythe reportedly said in a statement.
For the KGHM bid to succeed, it requires two-thirds of the votes
cast by Quadra shareholders at the special shareholder meeting
scheduled for February 20 in Vancouver.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.