Rueters...
Lundin Mining (LUN.TO: Quote) shares rose 20 percent on Thursday on renewed confidence that an C$600 million, all-stock takeover offer by HudBay Minerals (HBM.TO: Quote) will go ahead despite criticism from some shareholders and analysts.
In a statement on Wednesday, HudBay said the company "remains committed to completing its proposed business combination with Lundin", while the company's chief executive, Allen Palmiere, told the Globe and Mail newspaper the offer was not open for renegotiation.
Shares of Lundin, which have been trading well below HudBay's offer price since the deal was announced last week, were up 19 Canadian cents at C$1.20 on the Toronto stock Exchange, although they still trailed the value of the friendly offer.
HudBay was up 22 Canadian cents at C$3.92, valuing the deal at C$1.54 a share.
"I think the market assumes this deal is going to happen, for better or for worse," said John Hughes, an analyst at Desjardins Securities.
https://ca.reuters.com/article/businessNews/idCATRE4AQ7FO20081127