Regulators on Friday gave Augusta Resources Corp more time to find a white knight, ruling that the miner's shareholder rights plan could stay in place until at least July 15 despite a challenge by hostile bidder HudBay Minerals Inc.Hudbay had asked the British Columbia Securities Commission to block the rights plan, or poison pill, which makes hostile takeovers difficult. Earlier on Friday, shareholders had voted to maintain the plan at Augusta's annual meeting.The ruling gives Augusta more time to find a friendly bidder, but could also make it possible for Hudbay to complete a hostile takeover if no rival tops its offer."We're pleased with this outcome," said Augusta Chief Executive Gil Clausen in an interview. "It reflects the wishes of our shareholders, and it allows us to continue our strategic review process."
HudBay Minerals Inc. (HudBay) is an integrated mining company. Shares of HBM fell by 0.11% or $-0.01/share to $8.82. In the past year, the shares have traded as low as $5.78 and as high as $9.14. On average, 39218 shares of HBM exchange hands on a given day and today's volume is recorded at 21141.
HudBay Minerals Inc. (HudBay) is an integrated mining company. Shares of HBM traded higher by 1.04% or $0.1/share to $9.70. In the past year, the shares have traded as low as $6.02 and as high as $10.03. On average, 571243 shares of HBM.TO exchange hands on a given day and today's volume is recorded at 434653.
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