UPDATE: Quadra Hits $16.24 A Share, Before Pulling Back To $15.98
KGHM's C$3 billion bid for Quadra FNX (QUX.TO) looks even more low-ball at mid-day as the Canadian miner's shares briefly hit $16.24. More than 9.3 million shares have changed hands in brisk trading.
The shares are now being traded at $15.98, still well above KGHM's offer of $15 a share. Industry experts believe the Polish bid could instigate a full-blown bidding war for the Canadian miner.
QUX shares hit a year high of $17.55 on Jan 17.
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.