Jan 22 Base metal miner Inmet Mining Corp
asked shareholders to reject rival First Quantum
Minerals Ltd's C$5.1 billion ($5.13 billion) takeover
offer, calling the bid inadequate, and said it was in talks with
third parties for alternative deals.
Inmet on Tuesday said it has entered into confidentiality
and standstill agreements with a number of interested parties.
The company did not name the third parties.
First Quantum is offering C$72 for each share of its smaller
rival. The offer, announced in mid-December, tops its earlier
bids of C$62.50 and C$70 per share.
If successful, the deal would give First Quantum control of
the Cobre Panama project in Central America, which is one of the
world's largest undeveloped copper deposits, easing its
dependence on Africa and particularly Zambia.
Inmet said it expected the Cobre Panama project to drive a
176 percent increase in its copper output by 2018 and that the
First Quantum offer does not take into account the increase in
company's valuation once the project starts production.
Inmet's shares, which have gained 42 percent in the last
three months, closed at C$70.94 on the Toronto Stock Exchange on