Inmet Comments on First Quantum's Unsolicited Offer; Shares Up Slightly
Inmet Mining Corporation (IMN.TO) notes that First Quantum Minerals Ltd. (FM.TO) has commenced an unsolicited offer to acquire all of the company's issued and outstanding common shares for consideration of $72.00 per Inmet share in cash and First Quantum shares.
David R. Beatty, O.B.E., Chairman of the Board of Inmet, said, "The Inmet Board will carefully evaluate the terms of First Quantum's unsolicited bid. As part of this process, the Inmet Board has formed a Special Committee to review the offer. We will carefully consider, among other things, whether or not the First Quantum offer adequately compensates our shareholders for Inmet's full value, including the untapped exploration and expansion potential of Cobre Panama and the substantial increase in valuation our shareholders will receive once Cobre Panama reaches commercial production. We will also consider the potential risks associated with receiving First Quantum shares as consideration."
Inmet is up 20 cents to $72.45 late morning. First Quantum is down 3.5% to $20.77.
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