Two prominent proxy advisers have split on whether shareholders should vote to maintain Augusta Resource Corp's shareholder rights plan, which could thwart a hostile takeover bid from larger Canadian base metals miner HudBay Minerals Inc.Glass Lewis has advised its clients to vote to preserve the plan, while rival Institutional Shareholder Services (ISS) has come out against the plan. ISS also sharply criticized the amount of severance that could be paid to Augusta's chief executive if HudBay's bid succeeds.Investors will vote on whether to cancel the rights plan at Augusta's May 2 shareholder meeting. Without the plan, HudBay's bid, which expires May 5, would be more likely to succeed.Shareholder rights plans, often called poison pills, are designed to make hostile takeovers difficult.
Augusta Resource Corporation (Augusta) is engaged in the acquisition, exploration and development of natural mineral resource properties. Shares of AZC remained unchanged at $3.29. In the past year, the shares have traded as low as $0.48 and as high as $3.64. On average, 611430 shares of AZC.TO exchange hands on a given day and today's volume is recorded at 11350.
HudBay Minerals Inc. (HudBay) is an integrated mining company. Shares of HBM traded higher by 1.87% or $0.15/share to $8.16. In the past year, the shares have traded as low as $5.78 and as high as $9.14. On average, 41355 shares of HBM exchange hands on a given day and today's volume is recorded at 5022.
HudBay Minerals Inc. (HudBay) is an integrated mining company. Shares of HBM traded higher by 1.82% or $0.16/share to $8.97. In the past year, the shares have traded as low as $6.02 and as high as $10.03. On average, 625705 shares of HBM.TO exchange hands on a given day and today's volume is recorded at 157790.
Source
