Lundin Mining Jumps 20% on Equinox Minerals' Offer
Lundin Mining Corp. (LUN.TO) shares are nearly ahead 20% to $7.72 in initial trade today, rising on a $8.10-a-share bid by Equinox Minerals Ltd. (EQN.TO).
The cash-and-stock offer would top a a proposed all-stock takeover by Inmet Mining Corp (IMN.TO) last month.
Equinox shares were down almost 7% to $5.85 each; Inmet stock also is off this morning, giving up about 2% to $66.05 a share.
Australia-based Equinox is offering C$8.10 a share for Toronto-based Lundin, a 26% premium above its Friday close of $6.45 a share.
Inmet started the bidding last month with a C$4.1 bln offer, proposing each Inmet shareholder would receive 3.4918 shares of the new company formed by the proposed merger. Lundin shareholders are set to get 0.3333 shares of the new company, to be known as Symetra Corp.
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