First Quantum Minerals Limited Completes $5.1 Billion Takeover of Inmet Mining Corp.
|Areas||Corporate Finance and Securities|
Goodmans acted as Canadian counsel to Leucadia National Corporation, Inmet Mining Corporation's largest shareholder in connection with First Quantum Minerals Ltd.'s (First Quantum) $5.1 billion hostile takeover of Inmet Mining Corporation. First Quantum and its wholly-owned subsidiary FQM (Akubra) Inc. (together, the “Offeror”) announced that, as of 5:00 p.m. EST on April 1, 2013, a total of 65,206,044 common shares of Inmet Mining Corporation (“Inmet”), representing 92.74 per cent of the outstanding Inmet shares (on a fully diluted basis), had been validly tendered to the Offeror's offer (the “Offer”) to acquire all of the outstanding shares of Inmet.
Inmet shareholders who elected: (a) the cash and share alternative, received $36 in cash and 1.6484 common shares of First Quantum per Inmet share; (b) the share alternative, received 3.2967 common shares of First Quantum per Inmet share; and (c) the cash alternative, received $36.62 in cash and 1.6199 common shares of First Quantum, subject in each case to adjustment for fractional shares and to confirmation of the number of Inmet shares validly tendered pursuant to Notices of Guaranteed Delivery.
The Offeror subsequently acquired the balance of the Inmet shares not tendered to the Offer, by way of compulsory acquisition, as more fully described in the Offer circular. The Notice of compulsory acquisition was mailed to Inmet shareholders who did not tender their shares within days of the Offer's expiration, encouraging shareholders to review, complete and return the Notice of Compulsory Acquisition, so as to receive payment for their shares. Following the completion of the compulsory acquisition, Inmet was amalgamated into FQM (Akubra) Inc.
First Quantum Minerals Ltd., headquartered in Vancouver, British Columbia, is a mining and metals company. Inmet is a Canadian-based global mining company that produces copper and zinc. It has three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). It also holds an 80 percent interest in Cobre Panama, a development property in Panama.