First Quantum Confident that Bid for Inmet Will Proceed

Bloomberg reported that First Quantum Minerals is confident that their hostile takeover bid for Inmet Mining is likely to proceed with shareholder support.

As quoted in the market report:

The offer is 36 percent more than Inmet’s closing price on Nov. 27, the day before Toronto-based Inmet said it rejected two previous unsolicited proposals from First Quantum. Inmet has to respond to the offer by Jan. 24 while shareholders have until Feb. 14 to decide whether to back it, Newall said. First Quantum has asked Inmet to open up its books, he said.

To view the whole Bloomberg report, click here.