First Quantum Minerals Ltd may extend its hostile C$5.1 billion ($4.97 billion) bid for rival base metal miner Inmet Mining Corp by a few days, said its President Clive Newall on Tuesday. "There are a number of regulatory hurdles to go over and we hope they'll all be done by tomorrow, but we may need to extend slightly," said Newall, while addressing investors at the BMO Metals & Mining conference in Hollywood, Florida.The First Quantum bid is currently set to expire at 1700 EST (2200 GMT) on Wednesday, Feb. 27. First Quantum is offering C$72 for each share of Inmet. The offer, announced in mid-December, tops its own earlier offers of C$62.50 and C$70 per share.Last month, Inmet asked shareholders to reject the First Quantum takeover bid, calling the offer inadequate. The company said it was in talks with third parties for alternative deals.
First Quantum Minerals Ltd. (First Quantum) is a mineral exploration, development and mining company. Shares of FM fell by 2.7% or $-0.51/share to $18.41. In the past year, the shares have traded as low as $16.46 and as high as $24.90. On average, 1607810 shares of FM.TO exchange hands on a given day and today's volume is recorded at 0.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN fell by 2.8% or $-1.89/share to $65.52. In the past year, the shares have traded as low as $37.01 and as high as $75.40. On average, 487165 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 0.
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