Equinox’s $5 billion Lundin offer may spur bidding war

Equinox Minerals has offered to buy Lundin Mining for C$4.8 billion ($5 billion) to expand production in Africa.

Reuters is quoted as saying:

Equinox, which owns one of Africa’s largest copper mines, said on Monday its C$8.10-a-share cash and stock bid is far superior to Inmet’s rival offer, which would pay no premium to Lundin shareholders. Equinox’s bid is 26 percent above Lundin’s closing share price on Friday.

Under the friendly Lundin-Inmet arrangement, announced a month ago, the pair would join forces to form a major Canadian copper miner called Symterra with a market capitalization of C$9 billion.

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