After another failed bid to carry out a hostile takeover of Inmet Mining Corp. (TSX:IMN), Vancouver-based First Quantum Minerals Ltd. (TSX:FM) has “varied and extended” its offer to acquire shareholder shares.
According to First Quantum, as of the deal deadline yesterday, Inmet shareholders had tendered 61.45% of company shares.
First Quantum announced this morning that it has extended its deal deadline to March 21 at 11:59 p.m. Eastern Standard Time, and “varied” the deal terms so that it needs only secure 50% of outstanding Inmet shares by that deadline.
“This is our best and now final offer,” the company said, urging Inmet shareholders to tender shares “so that they can receive the consideration for their shares sooner rather than later.”
Yesterday, First Quantum made a last-minute plea to Inmet shareholders to try and close its takeover deal.
The company’s initial offer for the company, which valued Inmet shares at $70 rather than the current $72, failed in November.
As of press time, Inmet shares were trading at $69.95, up about 2% from market open.
