Inmet rejects First Quantum’s hostile bid

Nov 29, 2012 | 04:01 PM | Samuel Frizell

Tags  Inmet Mining, First Quantum Minerals, copper, Phillip Pascall, Samuel Frizell

NEW YORK — Inmet Mining Corp. has rejected an unsolicited takeover offer from global copper miner First Quantum Minerals Ltd. and adopted a shareholder rights plan intended to regulate any future takeover bids.

Vancouver-based First Quantum submitted an unsolicited offer Nov. 25 to pay Canadian $70 ($70.50) per Inmet share, structured as 50 percent cash and 50 percent First Quantum shares. The cash component would have been capped at C$2.461 billion ($2.479 billion), while the maximum number of First....

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