Equinox Launches $5B Takeover Bid For Lundin Mining

Law360, New York (February 28, 2011, 2:22 PM EST) -- Toronto-based copper concern Equinox Minerals Ltd. launched a $4.9 billion takeover bid Thursday for Lundin Mining Corp., throwing a wrench into Lundin's plan to complete a merger of equals with Inmet Mining Corp.

Equinox, which also has headquarters in Perth, Australia, said it would pay a 26 percent premium over the Friday closing price for Lundin's shares, adding that it borrowed $3.2 billion from affiliates of Goldman Sachs Group Inc. and Credit Suisse Group, among others, and would finance that bridge loan through debt.

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