Leucadia National Corporation, the largest shareholder in takeover target Inmet Mining , said late on Thursday it planned to tender its shares to bidder First Quantum, in a boost for the Canadian-listed group. The statement from the New York-based holding company, which has a more than 15 percent stake in Inmet, came a day after First Quantum launched its C$5.1 billion hostile bid for its smaller rival, chasing one of the world's largest undeveloped copper deposits, Cobre Panama.Nearly 40 percent of Inmet is held by only four shareholders, including Leucadia and a subsidiary owns just of Temasek, the Singapore sovereign wealth fund.Leucadia said it would tender its shares "in the absence of changed circumstances or new information (including an alternative transaction that would provide greater value)".A combination between the Anglo-Canadian group and Inmet would create one of the world's largest and fastest-growing copper-focused producers, while easing First Quantum's dependence on Africa and particularly Zambia.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN remained unchanged at $71.92. In the past year, the shares have traded as low as $37.01 and as high as $75.40. On average, 469173 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 0.
Leucadia National Corporation (Leucadia) is a holding company. Shares of LUK remained unchanged at $24.16. In the past year, the shares have traded as low as $19.58 and as high as $29.79. On average, 1748600 shares of LUK exchange hands on a given day and today's volume is recorded at 0.
Source
