Petaquilla Minerals Ltd, a Canadian gold producer with operations in Panama, said on Monday its board unanimously rejected a C$109 million ($111.4 million) takeover offer from Inmet Mining Corp, saying it undervalued the company.The board said Inmet's offer to acquire all outstanding shares of Petaquilla for 48 Canadian cents each did not reflect the target company's growth prospects.The offer was a 37 percent premium to Petaquilla's closing share price on Sept. 5, when Inmet announced plans for a bid. Since then, Petaquilla's shares have advanced 80 percent. On Monday, they were unchanged at 63 Canadian cents in Toronto.Inmet, looking to expand in Panama with the acquisition of Petaquilla, made its offer last month and said the bid would remain open until Nov. 5.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN fell by 1.11% or $-0.51/share to $45.64. In the past year, the shares have traded as low as $37.01 and as high as $70.34. On average, 366056 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 22750.
Petaquilla Minerals Ltd. (Petaquilla), incorporated on October 10, 1985, is engaged in the mining and mineral exploration of gold-bearing mineral properties in Panama. Shares of PTQ remained unchanged at $0.63. In the past year, the shares have traded as low as $0.30 and as high as $0.82. On average, 1070500 shares of PTQ.TO exchange hands on a given day and today's volume is recorded at 309320.
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