UPDATE: Quadra FNX Extends Morning Gains As Agrees to $15/Share Acquisition by KGHM

Quadra FNX Mining Ltd. (QUX.TO) has moved further away from yesterday's $11.35 close after jumping nearly 40% to $15.87 in the afternoon, extending morning gains, as it announce earlier that it has entered into a definitive agreement with KGHM Polska Miedz S.A. pursuant to which KGHM has agreed to acquire all of the issued and outstanding common shares of Quadra FNX and all of the outstanding Quadra FNX warrants.

Under the arrangement, the company said that its shareholders will receive C$15.00 in cash for each common share. The total transaction value is approximately C$3.5 billion, inclusive of US$500 million of outstanding gross debt.

QUX shares are heavily traded today with more than 56.8 million shares that have already changed hands.

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

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