Augusta asks shareholders to reject HudBay's buyout offer
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).
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote on union with Russia as troops build up rapidly |
- Malaysian PM says lost airliner was diverted deliberately |
- Democrats seek ways to limit Obamacare fallout after Florida defeat
- Indian Ocean poses daunting challenge in search for missing Malaysia plane