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ISS, Glass Lewis okays Hudbay's Mason buy

Proxy advisory firm Institutional Investor Services, and Glass Lewis have thrown their weight behind the proposed C$31 million buyout by Hudbay Minerals of Mason Resources.
ISS, Glass Lewis okays Hudbay's Mason buy ISS, Glass Lewis okays Hudbay's Mason buy ISS, Glass Lewis okays Hudbay's Mason buy ISS, Glass Lewis okays Hudbay's Mason buy ISS, Glass Lewis okays Hudbay's Mason buy

Staff Reporter

According to a statement by Vancouver-based Mason on Tuesday, both proxy advisory firms cited the strong strategic rationale for the arrangement, the significant premium, certainty of value from the cash consideration, and favourable market reaction as factors supporting their positive recommendations.

Mason (TSX:MNR) shareholders will vote on the deal during a special meeting scheduled for December 17.

Hudbay shareholder Waterton Global Asset Management had previously expressed opposition to Hudbay's commitment to any further mergers and acquisitions, saying the company had enough world class projects to create significant shareholder value. 

To this end, Hudbay has scheduled a special shareholder meeting for February 28, during which owners will consider an advisory resolution regarding potential future transactions.

Hudbay (TSX:HBM) is down 26% in the past 12 months and closed 4% lower on Tuesday at C$6.95. The $1.81 billion company's equity last peaked at $12.65 in January.