Jaguar fires off new salvo vs. HudBay buy of Lundin

Dec 08, 2008 | 05:39 AM | Anne Riley

Canadian merchant bank Jaguar Financial Corp., which has opposed HudBay Minerals Inc.'s intended purchase of Lundin Mining Corp. from the start, voiced a slew of new complaints on Friday.

Jaguar, a HudBay minority shareholder, has condemned the friendly acquisition as a value-destructive transaction that fails to consider the shareholders' needs since it was originally announced. On Friday, it piled on more pressure, saying that the proposed merger requires approval from a majority of minority shareholders of both companies, that executives from each company stand to benefit more from the transaction than the shareholders and that the independent adviser brought on to evaluate the case isn't really so independent.

"Swallowing Lundin would provide HudBay with an effective poison pill; however, we question whether it is legal or appropriate, particularly as HudBay's shareholders are not being afforded the opportunity of voting on the business combination," Vic Alboini, Jaguar's chairman and chief executive officer, said in a statement.....

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