First Quantum sends $5.1B offer to shareholders

Associated Press

TORONTO (AP) -- First Quantum Minerals Ltd. is sending its takeover offer for Inmet Mining Corp. directly to the copper miner's shareholders.

First Quantum said last month that it had increased its offer $72 per Inmet share, half in cash, half in stock, for a total offer worth about $5.1 billion.

It was the second time First Quantum boosted its cash and stock bid for Inmet, which rejected a $4.9 billion stock and cash offer in November. At the time, Inmet said the "highly conditional offer" was not in the best interest of its shareholders.

First Quantum CEO and chairman Philip Pascall said in a statement Wednesday they are taking the proposal directly to Inmet shareholders and requesting their support.

The offer is open for acceptance until Feb. 14.