UPDATE: First Quantum Formally Commences Offer to Inmet; First Quantum Down 3%, Inmet in the Green
First Quantum Minerals Ltd. (FM.TO) has formally commenced its offer to acquire all of the outstanding shares of Inmet Mining Corporation (IMN.TO) for total consideration of approximately C$5.1 billion by mailing the takeover bid circular and related documents required to be sent to Inmet shareholders.
Each Inmet shareholder will have the option to elect to receive consideration per Inmet share of C$72.00 in cash or 3.2967 First Quantum shares, or a mix of C$36.00 in cash plus 1.6484 First Quantum shares.
FM went down by nearly 3% to $20.98, moving closer to year low $16.46. IMN is in the green, up 25 cents to $72.50.
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