RE:Financial Post article P says Meyer believes a rival bid for Augusta possible
Ticker Symbol: C:AZC C:HBM
FP says Meyer believes a rival bid for Augusta possible
Augusta Resource Corp (2) (C:AZC)
Shares Issued 145,394,597
Last Close 2/24/2014 $3.52
Tuesday February 25 2014 - In the News
Also HudBay Minerals Inc (C:HBM) In the News
The Financial Post reports in its Tuesday, Feb. 25, edition that investors think it is a virtual certainty that HudBay Minerals will boost its bid for Augusta Resource in the weeks ahead unless a white knight steps in with a significantly higher offer. The Post's Peter Koven writes that HudBay notes Augusta has "no binding or contractual arrangements" that will prevent investors from tendering to the offer, and that Augusta's board and management appear to own 10 per cent of the stock. HudBay owns 16 per cent. Augusta said it has signed several confidentiality agreements with potential friendly bidders, but did not provide details. Augusta chief executive officer Gil Clausen says the response from these companies "has been very interesting to say the least." CIBC World Markets analyst Tom Meyer says, "We would not be surprised to see a competitive bidding process begin now that [HudBay] has set the lowball anchor price." Rather than talk about rival bids, Mr. Clausen focused his energies on attacking HudBay on Monday. He accused HudBay of constant underperformance and pointed out that there is plenty of risk remaining at its Constancia project in Peru, which is already over budget.