Equinox Minerals (EQN.TO) said on Thursday that Minmetals Resources' (1208.HK) C$6.3 billion bid undervalues the company and highlighted that the bid by the Chinese metals trader was still a long way off from being a formal offer. "We consider that the lowball price announced by MMR significantly understates our value and disregards the potential of this company, especially in light of the continuing strength in copper prices," said Equinox Chairman Peter Tomsett in a statement on Thursday. "Although MMR's intention has been announced publicly, no formal offer has been made nor offer documents received and according to public comments by MMR, none are expected for several weeks," Equinox noted.
Source
