As the hours tick down on Vancouver-based First Quantum Minerals' (TSX:FM) hostile bid to take over Toronto-based Inmet Mining Corp. (TSX:IMN), First Quantum is urging Inmet shareholders to tender their shares.
After an initial takeover bid for Inmet failed late last year, First Quantum launched a second takeover attempt in January.
The second, current deal values Inmet shares at $72 each, compared with $70 in the first offer.
This morning, First Quantum issued a press release urging Inmet shareholders to tender their shares to its "full, fair and attractive" offer.
"Inmet's largest shareholder, Leucadia National Corp. has already indicated its support for the offer by tendering their shares," First Quantum CEO and chairman Philip Pascall said in the statement. "I urge all Inmet shareholders to ensure that this opportunity is not lost through inaction today."
First Quantum is also pitching Inmet shareholders on its ability to lead the development of Inmet's Cobre Panama project, a large open-pit copper development project in Panama
"By tendering today, as First Quantum shareholders you will have immediate exposure to [First Quantum's] strengths and renowned project capabilities on Cobre Panama, a project at a critical juncture of its development in a challenging environment," First Quantum stated.
Meanwhile, Inmet is urging its shareholders to turn down the deal. At press time, the company's website homepage was displaying a large red text box, exhorting its shareholders to "Reject the First Quantum offer. DO NOT tender your shares."
First Quantum's offer expires tonight at 11:59 p.m. Eastern Standard Time.
