Petaquilla Waives Shareholder Rights Plan With Respect to Inmet Offer
Petaquilla Minerals Ltd. (PTQ.TO) announced that, in response to the decision issued by the British Columbia Securities Commission on October 31, 2012, the company has waived the application of its Shareholder Rights Plan to the offer by Inmet Mining Corporation (IMN.TO) to acquire all of the company's outstanding common shares.
Inmet scored a court victory earlier this week, when the BCSC rejected the shareholder rights plan at Petaquilla that would help it to fend off Inmet's hostile takeover offer.
Petaquilla rejected the latest takeover bid by Inmet, which Inmet says is 25% higher than the $112 million it originally offered, saying the offer still undervalues the company.
PTQ shares were up three cents to $0.63.
IMN shares gained 7% to $56.42.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.