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Equinox rejects Minmetals

Publishing Date
11 Apr 2011 9:49am GMT
Author
Mining Journal

Craig Williams, the president and chief executive of Equinox Minerals Ltd has described a C$6.3 billion (US$6.4 billion) hostile offer for his company by Minmetals Resources Ltd (MMR) as “opportunistic” and seeking to “frustrate” Equinox’s own offer for Lundin Mining.

Minmetals has not yet made its C$7/share offer formal since announcing its intentions at the start of this week.

Minmetals Resources Ltd (MMR) is the Hong Kong-listed subsidiary of Chinese metals trader, China Minmetals Corp.

Mr Williams also said that the price offered was only at a 9% premium to the average Equinox over the 20-trading days prior to its offer for Lundin.

The company’s Chairman, Peter Tomsett added: “We consider that the lowball price announced by MMR significantly understates our value and disregards the potential of this company, especially in light of the continuing strength in copper prices.”

Another issue raised by Equinox is the expected timing of completion of an offer given that approval is required from the National Development and Reform Commission in China. “The MMR shareholders meeting is not expected to occur until June sometime,” according to Equinox’s estimates.

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