Quadra Still Trading Above KGHM's $3B Bid, Sending Strong Signal Investors Expect Rival Offer
KGHM's C$3 billion bid for Quadra FNX (QUX.TO) is widely being viewed as a low-ball offer and could eventually result in a full-blown bidding war for the Canadian miner, according to industry sources interviewed by Reuters since the deal was announced yesterday.
Quadra shares are down slightly today, slipping 7 cents to $15.81 a share -- still well above the $15.00 a share the Polish miner is offering with its friendly offer and a strong signal investors expect a sweeter bid.
Quadra FNX controls one of the world's largest undeveloped copper projects and while copper prices have pulled back recently, analysts largely believe a dearth in large-scale copper assets bodes well for the price of the metal.
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