First Quantum Minerals may extend its hostile C$5.1-billion bid for rival base metal miner Inmet Mining by a few days, President Clive Newall said 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,” Newall said while addressing investors at the BMO Metals & Mining conference in Hollywood, Florida.
The C$72-a-share bid is set to expire on Wednesday at 17:00 EST. The offer, announced in mid-December, tops First Quantum’s earlier bids of C$62.50 and C$70 per share.
Last month, Inmet asked its shareholders to reject First Quantum’s offer, calling it inadequate. The company said it was in talks with third parties for alternative deals.
The bid, however, already has the support of Inmet’s largest shareholder Leucadia National, which according to the latest Thomson Reuters data has a stake of roughly 16%.
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