Worth Re-readingQuadra president and chief executive officer Paul Blythe said his company acquired the stock after holding early stage talks with HudBay management last year.
"We felt it would be of mutual interest to consider some sort of combination," Mr. Blythe said in an interview.
Quadra joins Vedanta, India's largest base metals company, on the list of strategic HudBay stockholders. HudBay, which mines and processes zinc and copper at operations in Manitoba, has hired outside advisers to explore its options.
HudBay shares jumped 10 per cent yesterday after Vedanta confirmed it owns about 14.5 million HudBay shares or about 9.5 per cent of the company through a Dutch subsidiary.
The Indian mining giant's stake is a probable precursor to a takeover offer, analysts said.
"We believe a premium bid for HudBay is likely," Blackmont Capital Inc. analyst George Topping said in a report.
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Funny how different analysts spin it different ways.
Does not sound like Quadra is in it for a flip.
Could be interesting. Love it how the negative is spinning now. Hold your shares. HBM traded WAY higher not too long ago. I hold out for $12-14 IMO.
Best GOLONG