Inmet again urges rejection of takeover bid
Mar 08, 2013 | 03:40 PM
| Suzy Waite
Tags
Inmet,
First Quantum,
David Beatty,
hostile takeover,
copper,
Suzy Waite
NEW YORK — Inmet Mining Corp. has again recommended that its shareholders reject First Quantum Minerals Ltd.’s hostile takeover bid.
First Quantum’s Canadian $5.1-billion offer, which expires March 11, is simply too low, Inmet chairman David Beatty wrote in an open letter to shareholders March 8.
"I continue to urge you to reject the inadequate First Quantum offer and not tender your shares," he said. "The First Quantum offer was too low when it was worth $72 (per share) in November. It is now worth significantly less. While the long-term fundamental value of Inmet has not changed, the value of the....
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