Inmet Board Urges Rejection of First Quantum Takeover Bid
The board of directors of the Toronto-based Inmet Mining Corp. have advised its shareholders to reject the C$5.1 billion takeover bid from First Quantum Minerals Ltd. Board Chairman David Beatty said the offer "fails to adequately compensate shareholders for Inmet's low risk asset base and its strong prospects for growth." Inmet, which owns and operates a major copper mine in Panama, among other assets, is backed by Ellington Investments, a subsidiary of Temasek Holdings, which invested in the company in 2011.
23 January 2013•7 mins read
