First Quantum says may extend bid for Inmet slightly

Tue Feb 26, 2013 9:01am EST

Feb 26 (Reuters) - First Quantum Minerals Ltd may extend its hostile C$5.1 billion ($4.97 billion) bid for rival base metal miner Inmet Mining Corp by a few days, said its President Clive Newall on Tuesday.

"There are a number of regulatory hurdles to go over and we hope they'll all be done by tomorrow, but we may need to extend slightly," said Newall, while addressing investors at the BMO Metals & Mining conference in Hollywood, Florida.

The First Quantum bid is currently set to expire at 1700 EST (2200 GMT) on Wednesday, Feb. 27. First Quantum is offering C$72 for each share of Inmet. The offer, announced in mid-December, tops its own earlier bids of C$62.50 and C$70 per share.

Last month, Inmet asked shareholders to reject the First Quantum takeover bid, calling the offer inadequate. The company said it was in talks with third parties for alternative deals.