TORONTO (miningweekly.com) – Base-metals miner First Quantum Minerals on Tuesday said it expected to close its C$5.1-billion hostile takeover bid for Inmet Mining on March 21, after unveiling Inmet shareholders had tendered about 61.45% of the company’s outstanding shares to the offer as on Monday at 23:59 Eastern Daylight Time (EDT).
First Quantum on Tuesday changed the cash-and-stock offer to allow the minimum tender condition to be satisfied when more than 50% of the outstanding Inmet shares (on a fully diluted basis) had been validly deposited, before the newly extended expiry time of the offer closed at 23:59 EDT on March 21.
“We are delighted with the overwhelming support that Inmet shareholders have shown for our offer. We have varied our offer such that the minimum tender condition will now be satisfied if more than 50% of the Inmet shares have been tendered at the revised expiry time of the offer.
“Accordingly, with all regulatory approvals already received, it is our expectation that we will be in a position to complete the offer and begin taking up and paying for shares shortly, following the expiry of the offer on March 21,” First Quantum chairperson and CEO Philip Pascall said.
First Quantum, which has a portfolio of copper and nickel assets in Africa, Australia and Europe, on Tuesday reiterated this was its best and final offer.
The company said it expected more than two-thirds of Inmet shares to be tendered, which would trigger a subsequent acquisition transaction to acquire the balance of the Inmet shares not deposited under the offer. However, it warned such a transaction could take months to execute, and shareholders were urged to tender outstanding shares under the offer to avoid payment delays.
Under terms of the takeover, outlined in December, Inmet shareholders would be paid up to C$72 a share or in First Quantum shares, or a combination of cash and shares. First Quantum in October put forward a bid of C$62.50, and in November raised it to C$70 a share.
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