HudBay reaches deal to buy Augusta

Jun 23, 2014 | 03:12 PM | Saranya Kapur

Tags  copper, acquisition, Augusta Resource, HudBay Minerals, Rosemont Mine, Codelco, Chuquicamata Mine, Rio Tinto Kennecott Utah Copper

NEW YORK — Augusta Resource Corp. has agreed to be purchased by HudBay Minerals Inc. after the company sweetened its offer.

The revised deal values Augusta at about Canadian $555 million ($515.7 million), HudBay said June 23.

Under the agreement, Augusta shareholders will receive 0.17 of a warrant to purchase a HudBay share in exchange for each Augusta share in addition to the original offer of 0.315 of a HudBay share for each Augusta share.

The warrants, which constitute a 10-percent premium on HudBay’s initial offer, will have an initial term of four years, with each full warrant allowing its holders to purchase a HudBay share for Canadian $15 ($14) on its expiry date. ....

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