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Augusta Resource Fights Off Hostile Takeover From Hudbay With Poison Pill
May. 05, 2014 09:20AM PST
Base Metals Investing
The Financial Post reported today that a British Columbia Securities Commission panel has ruled that a “poison pill” shareholder rights plan for Augusta Resource (TSX:AZC) can stay in place, at least until mid-July, to help stave off a hostile takeover from Hudbay Minerals Inc. (TSX:HBM). Hudbay put forward its $444 million hostile takeover of Augusta in February.
The Financial Post reported today that a British Columbia Securities Commission panel has ruled that a “poison pill” shareholder rights plan for Augusta Resource (TSX:AZC) can stay in place, at least until mid-July, to help stave off a hostile takeover from Hudbay Minerals Inc. (TSX:HBM). Hudbay put forward its $444 million hostile takeover of Augusta in February.
As quoted in the publication:
Vancouver-based Augusta easily won shareholder approval for its rights plan on Friday. The new rules governing poison pills are not decided yet, but the BCSC panel clearly had shareholder support in mind as it granted Augusta a giant extension.