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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.

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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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