Inmet Mining Corp. (IMN.TO: Quote), which is the target of a hostile C$5.1 billion bid from Canadian miner First Quantum Minerals Ltd. (FQM.L,FM.TO: Quote, FQVLF.PK) said Saturday that the letter sent a day earlier by First Quantum to David Beatty, chairman of the Inmet board of directors, was “hostile and counterproductive”.
Beatty said, “We note that, while First Quantum says it wishes to engage in friendly discussions, it is simply not. This is further demonstrated by the letter sent Friday, which is plainly hostile and counterproductive.”
Inmet said its board and advisors are engaged in a “thorough and rigorous process to evaluate First Quantum’s offer” and to explore the full range of all potential alternatives that may provide greater value to Inmet shareholders. This includes activities that have been commenced prior to First Quantum’s bid.
Further, Inmet said its board will file a directors’ circular and make a formal recommendation to its shareholders on or before January 24. The company advised shareholders to not take any action and also not tender shares to the First Quantum offer until then.
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by RTT Staff Writer
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