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.
Inmet Declines Proposal from First Quantum
TORONTO, CANADA–(Marketwire – Nov. 28, 2012) – Inmet Mining Corporation (TSX:IMN) announced today that on November 25, 2012, it received an unsolicited non-binding, highly conditional proposal from First Quantum Minerals Ltd. for First Quantum to acquire by way of plan of arrangement all of the shares of Inmet. The proposal contemplates consideration of C$70.00 per Inmet share, subject to a maximum aggregate cash consideration of C$2.461 billion and a maximum number of First Quantum shares to be issued of approximately 112.679 million, resulting in an overall consideration mix of 50 percent cash and 50 percent First Quantum shares.
After reviewing the proposal with its financial and legal advisors, Inmet’s Board of Directors has today notified First Quantum that it has declined to pursue the proposal as it is not in the best interests of Inmet shareholders.
The November 25th proposal followed an earlier similar unsolicited proposal received from First Quantum on October 28, 2012 that contemplated an acquisition price of C$62.50 per Inmet share. This initial proposal was declined by Inmet’s Board of Directors on November 1, 2012.
Inmet is a Canadian-based global mining company that produces copper and zinc. We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). We also have an 80 percent interest in Cobre Panama, a development property in Panama, currently in construction.
This press release is also available at www.inmetmining.com.
For Additional Information, Please Contact:
Inmet Mining Corporation
President and Chief Executive Officer
(416) 860 3972
Inmet Mining Corporation
Director, Investor Relations
(416) 361 4808
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