Inmet Urges Investors To Reject $5.2B First Quantum Bid

Law360, New York (January 22, 2013, 12:41 PM EST) -- Canadian copper extractor Inmet Mining Corp. on Tuesday rebuffed a CA$5.1 billion (US$5.2 billion) from rival First Quantum Minerals Ltd., saying the bid undervalued the company in light of a buzzed-about mine poised to nearly triple the company's copper production by 2018.

It was the third straight rejection from Inmet since First Quantum lobbed an initial buyout bid more than a month ago. Its most recent offer is a cash-and-stock mix that amounts to $72 per share, a 15 percent increase over a previous offer made...
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