Augusta asks shareholders to reject HudBay's buyout offer

Mon Feb 24, 2014 7:29am EST

Feb 24 (Reuters) - Canadian exploration company Augusta Resource Corp has asked its shareholders to reject base metal miner HudBay Minerals Inc's hostile offer to buy all the shares in Augusta it does not own.

"The unsolicited offer is grossly inadequate and does not come close to recognizing the full and fair value of Augusta and the world-class Rosemont project," Augusta Executive Chairman Richard Warke said in a statement on Monday.

HudBay, which currently owns about 16 percent of Augusta's outstanding shares, said earlier in the month that the enterprise value of the all-stock deal could be about C$540 million ($485 million).

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article