Inmet shareholders urged to reject bid
Jan 23, 2013 | 09:17 AM
| Claire Hack
Tags
Inmet Mining,
First Quantum,
Jochen Tilk,
copper,
Cobre Panama,
Claire Hack
LONDON — Inmet Mining Corp.’s board has encouraged shareholders to reject First Quantum Minerals Ltd.’s hostile takeover bid, Inmet said Jan. 22.
Inmet has a solid portfolio of low-cost operations in areas without significant political risk, with major growth and upside potential at its flagship copper development project, Cobre Panama, the board said.
"The board recommends that shareholders reject the offer and do not tender their shares," Inmet president and chief executive officer Jochen Tilk said during a conference call, adding that the board is still considering potential alternative strategies and that "nothing has been precluded," including a possible further stake sale in Cobre Panama.
Inmet has already entered into confidentiality and standstill agreements with several parties interested in offering alternatives to Vancouver, British Columbia-based First Quantum’s takeover bid, the company said. ....
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