Inmet Mining (TSX:IMN) recently announced that it has rejected the Nov. 25, unsolicited buyout proposal from First Quantum Minerals (TSX:FM). First Quantum had proposed acquiring 100% ownership of Vancouver, British Columbia-based Inmet Mining, for $4.9 billion. The deal would have consisted of C$2.36 billion in cash, and the issuance of 112.7 million of new, First Quantum shares. The deal valued Inmet Mining at C$70 per share.
After reviewing the proposed deal with its financial and legal advisors, Inmet's Board of Directors determined the proposal was not in the best interest of Inmet shareholders. The most recent proposal came on the heels of First Quantum's initial bid on Oct. 28, 2012, which valued Inmet Mining at C$62.50 a share.
In an effort to protect shareholders in the future, Inmet Mining has also announced the adoption of a shareholder rights plan. Specifics of Inmet's newly adopted shareholder rights plan can be found on the company's website.
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