Petaquilla Confirms Recommendation to Reject Inmet Offer
Petaquilla Minerals Ltd. (PTQ.TO) confirmed today that its board of directors continues to recommend that Petaquilla shareholders reject Inmet Mining Corporation's (IMN.TO) offer to acquire all of the outstanding common shares of Petaquilla and not tender their common shares, and that any Petaquilla shareholders who have previously tendered their shares into the Inmet offer withdraw them immediately.
Petaquillla said that while the parties were unable to conclude on the terms of a transaction that the board of directors believes could be recommended to shareholders, it remains committed to engaging in discussions with Inmet and other parties.
PTQ went down by 2% to $0.625 but is trading near year high 82 cents. IMN is in the green, edges up by nearly 1% to $56.65.
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