Feb 24 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).