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Petaquilla Copper accepts Inmet's revised takeover offer of $333 million cash |
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Written by THE CANADIAN PRESS
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Friday, 29 August 2008 |
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VANCOUVER - The board of Petaquilla Copper Ltd. (TSX:PTC) and shareholders representing about one-quarter of the company's stock now support a revised $330-million takeover offer by Inmet Mining Corp. (TSX:IMN).
Under the revised offer, PTC shareholders will be entitled to $2.20 in cash per common share.
That's 10 per cent higher than the previous bid of $2 per share cash, which was a 108 per cent premium on Petaquilla Copper stock at the end of trading July 4, before the offer was announced.
Inmet Mining said it would extend the deadline for acceptance of its bid by five days to 11:59 p.m. ET on Sept. 8, 2008.
A total of 37,836,129 common shares of PTC or approximately 25.4 per cent of its outstanding common shares on a fully diluted basis will be subject to lock-up agreements with Inmet.
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