Toronto's Inmet Mining Rejects C$4.9B Takeover Bid by First Quantum

Toronto-based Inmet Mining Corp., which owns and operates copper and zinc mining sites around the world, has rejected a second takeover bid from Canadian mining company First Quantum Minerals Ltd. The latest bid had an estimated value of C$4.9 billion (or C$70 per share). Inmet has a major private equity backer, Ellington Investments, a subsidiary of Temasek Holdings, which invested C$500 million in the company in 2011. First Quantum previously made an unsolicited buyout offer that contemplated an acquisition price of C$62.50 per Inmet share.

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