Equinox Minerals said on Monday an independent third-party had recommended that shareholders in Lundin Mining should support Equinox's C$4.7 billion ($4.8 billion) takeover offer. Proxy voting firm Institutional Shareholder Services recommended that its clients should vote for the offer based on "reasonable strategic rationale, apparently manageable risks and absence of governance concerns." Lundin rejected the offer from its rival copper miner last week as inadequate and too risky, but did not say the deal was inferior to its planned tie-up with Inmet Mining , a merger with no premium which shareholders are due to vote on April 4. Equinox offered a mix of C$8.10 in cash and 1.29 Equinox shares plus C$0.01. At Friday's close the offer was worth C$7.57 a share, slightly below Lundin's last trade at C$7.63, indicating shareholders expect the deal to go through.
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