Markets

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.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Commodities