UPDATE: Quadra FNX Rallies As Agrees to $15/Share Acquisition by KGHM; Heavily Traded Today
Quadra FNX Mining Ltd. (QUX.TO) was up sharply at today's open at $15.50 but has now moved even higher to $15.32 after jumping roughly 35% from yesterday's $11.35 close, 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 13.9 million shares that have already changed hands.
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