Metals Co. Calls For Rejection Of $489M HudBay Takeover

Law360, New York (February 24, 2014, 1:42 PM EST) -- Canadian metals company Augusta Resource Corp. called on its shareholders to reject an unsolicited $489 million buyout bid that Hudbay Minerals Inc. made two weeks ago. 

The board's unanimous rejection of the takeover centered around Toronto-based Hudbay's bid being much too low. It would also increase the company's exposure to risk, the board said, and will fail to properly compensate Augusta shareholders. HudBay, which owns 16 percent of Augusta, claims it can do a better job of managing the $1.2 billion Rosemont copper project in Arizona....
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