First Quantum Minerals Ltd. (TSX: T.FM, Stock Forum) is urging shareholders of Inmet Mining Corp. (TSX: T.IMN, Stock Forum) to tender their shares into a $5.1 billion takeover offer.
“Our offer is full, fair and attractive. Inmet’s largest shareholder, Leucadia National Corp. has already indicated its support for the offer by tendering their shares,’’ said First Quantum Chairman Philip Pascall in a press release. “I urge all Inmet shareholders to ensure that this opportunity is not lost through inaction today.’’
Trading at $20.46 on Monday, First Quantum has a market cap of $9.75 billion, based on 476.3 million shares outstanding. The 52-week range is $24.90 and $16.46.
The First Quantum offer, which Inmet has told its shareholders to reject on the basis that it is inadequate, expires today (Monday) unless it is further extended.