Inmet Ditches Poison Pill As $5.2B Takeover Deadline Nears

Law360, New York (February 19, 2013, 5:15 PM EST) -- Canadian copper extractor Inmet Mining Corp. will drop a poison pill plan meant to protect it from a CA$5.1 billion ($5.2 billion) hostile takeover effort by rival First Quantum Minerals Ltd., it said Tuesday, suggesting it could pursue other strategic alternatives to thwart the deal.

The move comes after First Quantum earlier this month pushed back the deadline for its CA$72-per-share tender offer to Feb. 27, an extension Inmet's board said gives the company enough time to consider its options and present other choices to shareholders....
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